New Risk • May 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Profit margins are more than 30% lower than last year (30% net profit margin). Market cap is less than US$100m (US$20.5m market cap). New Risk • May 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 75% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (75% accrual ratio). Minor Risks High level of debt (54% net debt to equity). Market cap is less than US$100m (US$22.6m market cap). New Risk • Mar 06
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 54% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (US$27.0m market cap). Reported Earnings • Nov 26
Third quarter 2025 earnings released: EPS: US$0.28 (vs US$0.96 in 3Q 2024) Third quarter 2025 results: EPS: US$0.28 (down from US$0.96 in 3Q 2024). Revenue: US$18.5m (down 19% from 3Q 2024). Net income: US$3.45m (down 71% from 3Q 2024). Profit margin: 19% (down from 52% in 3Q 2024). Revenue is forecast to grow 25% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Annonce • Nov 05
Performance Shipping Inc., Annual General Meeting, Dec 03, 2025 Performance Shipping Inc., Annual General Meeting, Dec 03, 2025, at 12:00 GTB Standard Time. Location: 373 syngrou avenue, 175 64 palaio faliro, athens, greece, Greece New Risk • Aug 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (US$20.5m market cap). Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: US$0.69 (vs US$0.79 in 2Q 2024) Second quarter 2025 results: EPS: US$0.69 (down from US$0.79 in 2Q 2024). Revenue: US$18.1m (down 12% from 2Q 2024). Net income: US$8.62m (down 11% from 2Q 2024). Profit margin: 48% (in line with 2Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 1.8% decline forecast for the Shipping industry in the US. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. New Risk • May 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$20.8m market cap). Reported Earnings • Apr 19
Full year 2024 earnings released: EPS: US$3.39 (vs US$5.43 in FY 2023) Full year 2024 results: EPS: US$3.39 (down from US$5.43 in FY 2023). Revenue: US$87.4m (down 20% from FY 2023). Net income: US$41.9m (down 26% from FY 2023). Profit margin: 48% (down from 52% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.5% decline forecast for the Shipping industry in the US. Board Change • Mar 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Alex Papageorgiou was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: US$3.39 (vs US$5.43 in FY 2023) Full year 2024 results: EPS: US$3.39 (down from US$5.43 in FY 2023). Revenue: US$87.4m (down 20% from FY 2023). Net income: US$41.9m (down 26% from FY 2023). Profit margin: 48% (down from 52% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Shipping industry in the US. Annonce • Nov 20
Performance Shipping Inc., Annual General Meeting, Dec 17, 2024 Performance Shipping Inc., Annual General Meeting, Dec 17, 2024, at 17:00 GTB Standard Time. Location: at watson farley & williams, 348 syngrou avenue, kallithea 176-74, athens, Greece Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.96 (up from US$0.88 in 3Q 2023). Revenue: US$22.9m (down 5.1% from 3Q 2023). Net income: US$12.0m (up 21% from 3Q 2023). Profit margin: 52% (up from 41% in 3Q 2023). Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat. Reported Earnings • Jul 28
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: US$0.79 (down from US$1.53 in 2Q 2023). Revenue: US$20.5m (down 35% from 2Q 2023). Net income: US$9.73m (down 46% from 2Q 2023). Profit margin: 47% (down from 57% in 2Q 2023). Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Shipping industry in the US. New Risk • Jul 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (US$27.0m market cap). Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: US$0.89 (vs US$0.68 in 1Q 2023) First quarter 2024 results: EPS: US$0.89 (up from US$0.68 in 1Q 2023). Revenue: US$22.4m (down 24% from 1Q 2023). Net income: US$11.0m (up 137% from 1Q 2023). Profit margin: 49% (up from 16% in 1Q 2023). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat. Reported Earnings • Mar 10
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$5.43. Revenue: US$108.9m (up 45% from FY 2022). Net income: US$56.9m (up 374% from FY 2022). Profit margin: 52% (up from 16% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat. Annonce • Oct 26
Sphinx Investment Corp. made a tender offer to acquire Performance Shipping Inc. (NasdaqCM:PSHG) for $34.3 million. Sphinx Investment Corp. made a tender offer to acquire Performance Shipping Inc. (NasdaqCM:PSHG) for $34.3 million on October 11, 2023. The offer price is $3 cash per share. The Board of Performance Shipping appointed a Special Committee of independent directors of the Board to approve the offer. The offer period will expire on November 8, 2023, until further extended.
Robert B. Greco of Richards, Layton & Finger, P.A. and Will Vogel of Watson, Farley & Williams acted as legal counsel and Newbridge Securities Corporation acted as independent financial advisor to Richards, Layton & Finger, P.A. New Risk • Oct 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (62% accrual ratio). Shareholders have been substantially diluted in the past year (190% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$25.2m market cap). Annonce • Aug 22
Performance Shipping Inc. (NasdaqCM:PSHG) announces an Equity Buyback for $2 million worth of its shares. Performance Shipping Inc. (NasdaqCM:PSHG) announces a share repurchase program. Under the program, the company will repurchase up to $2 million worth of its common stock. The repurchase program will expire on August 31, 2024. As of August 18, 2023, the company had 10,910,319 outstanding common shares. Annonce • Aug 17
Performance Shipping Inc. Regains Compliance with Nasdaq Minimum Bid Price Requirement Performance Shipping Inc. announced that the Nasdaq Stock Market (“Nasdaq”) has confirmed that the Company has regained compliance with Nasdaq's minimum bid price requirements for continued listing on the Nasdaq Capital Market. Nasdaq’s letter noted that, as a result of the closing bid price of the Company's common shares having been at $1.00 per share or greater for at least ten consecutive business days, from August 1, 2023 through August 14, 2023, the Company has regained compliance with Nasdaq’s Listing Rule 5550(a)(2), and the matter is now closed. Commenting on this development, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “We are very pleased to have regained compliance with Nasdaq’s listing requirements as a result of an organic increase in the market price of our shares, without the need to effect a reverse stock split”. New Risk • Aug 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 62% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (62% accrual ratio). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$13.7m market cap). Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$1.53 (vs US$10.51 in 2Q 2022) Second quarter 2023 results: EPS: US$1.53. Revenue: US$31.5m (up 88% from 2Q 2022). Net income: US$17.9m (up 388% from 2Q 2022). Profit margin: 57% (up from 22% in 2Q 2022). Reported Earnings • Jun 25
First quarter 2023 earnings released: EPS: US$0.68 (vs US$51.46 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.68 (up from US$51.46 loss in 1Q 2022). Revenue: US$29.5m (up 245% from 1Q 2022). Net income: US$4.62m (up US$16.1m from 1Q 2022). Profit margin: 16% (up from net loss in 1Q 2022). Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: US$8.97 (vs US$30.16 loss in FY 2021) Full year 2022 results: EPS: US$8.97 (up from US$30.16 loss in FY 2021). Revenue: US$75.2m (up 106% from FY 2021). Net income: US$36.3m (up US$46.4m from FY 2021). Profit margin: 48% (up from net loss in FY 2021). Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$2.58, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$2.67, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 98% over the past three years. Annonce • Jan 14
Performance Shipping Inc., Annual General Meeting, Feb 22, 2023 Performance Shipping Inc., Annual General Meeting, Feb 22, 2023. Agenda: 2023 annual general meeting of shareholders. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 16% share price gain to US$3.54, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$3.48, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 97% over the past three years. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: US$7.40 (vs US$6.43 loss in 3Q 2021) Third quarter 2022 results: EPS: US$7.40 (up from US$6.43 loss in 3Q 2021). Revenue: US$22.1m (up 137% from 3Q 2021). Net income: US$20.3m (up US$22.4m from 3Q 2021). Profit margin: 92% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 06
Second quarter 2022 earnings released: EPS: US$4.37 (vs US$0.53 loss in 2Q 2021) Second quarter 2022 results: EPS: US$4.37 (up from US$0.53 loss in 2Q 2021). Revenue: US$16.7m (up 83% from 2Q 2021). Net income: US$22.9m (up US$25.5m from 2Q 2021). Reported Earnings • Jul 05
First quarter 2022 earnings released: US$3.43 loss per share (vs US$0.57 loss in 1Q 2021) First quarter 2022 results: US$3.43 loss per share (down from US$0.57 loss in 1Q 2021). Revenue: US$8.57m (up 2.0% from 1Q 2021). Net loss: US$11.5m (loss widened 302% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to US$6.00 Down from US$11.00, the current price target is provided by 1 analyst. New target price is 123% above last closing price of US$2.69. Stock is down 44% over the past year. The company posted a net loss per share of US$2.01 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 16
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: US$1.93 loss per share (down from US$0.76 profit in FY 2020). Revenue: US$36.5m (down 13% from FY 2020). Net loss: US$9.71m (down 362% from profit in FY 2020). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 3.0%. Over the next year, revenue is expected to shrink by 20% compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Board Change • Mar 09
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 12
Third quarter 2021 earnings released: US$0.43 loss per share (vs US$0.079 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: US$9.33m (down 2.2% from 3Q 2020). Net loss: US$2.16m (down US$2.55m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 132% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 11
Second quarter 2021 earnings released: US$0.53 loss per share (vs US$0.94 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$9.12m (down 43% from 2Q 2020). Net loss: US$2.65m (down 157% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 139% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 31
Second quarter 2021 earnings released: US$0.53 loss per share (vs US$0.94 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$9.12m (down 43% from 2Q 2020). Net loss: US$2.65m (down 157% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 136% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • May 23
First quarter 2021 earnings released: US$0.57 loss per share (vs US$0.59 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$8.40m (down 38% from 1Q 2020). Net loss: US$2.85m (down 202% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 16% share price gain to US$4.93, the stock trades at a trailing P/E ratio of 6.5x. Average forward P/E is 7x in the Shipping industry in the US. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$4.80, the stock trades at a trailing P/E ratio of 6.3x. Average forward P/E is 6x in the Shipping industry in the US. Total loss to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 15% share price gain to US$5.66, the stock trades at a trailing P/E ratio of 7.4x, up from the previous P/E ratio of 6.5x. Average P/E is 16x in the Shipping industry in the US. Total return to shareholders over the past three years was a loss of 71%. Is New 90 Day High Low • Feb 06
New 90-day high: US$5.85 The company is up 32% from its price of US$4.44 on 06 November 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 48% over the same period. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS US$0.079 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$9.54m (up 53% from 3Q 2019). Net income: US$389.0k (up US$18.5m from 3Q 2019). Profit margin: 4.1% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 16
New 90-day low: US$0.54 The company is down 13% from its price of US$0.62 on 17 July 2020. The American market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 11% over the same period.