Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to US$1.69, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 14x in the Oil and Gas industry in the US. Total loss to shareholders of 71% over the past three years. New Risk • May 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (3.8% net profit margin). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (US$12.0m market cap). New Risk • May 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (3.8% net profit margin). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (US$12.1m market cap). New Risk • Apr 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.95m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Market cap is less than US$10m (US$9.95m market cap). Minor Risk Profit margins are more than 30% lower than last year (3.8% net profit margin). Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$2.50, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 15x in the Oil and Gas industry in the US. Total loss to shareholders of 59% over the past three years. New Risk • Apr 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.8% Last year net profit margin: 5.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (3.8% net profit margin). Market cap is less than US$100m (US$14.8m market cap). New Risk • Mar 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$14.5m market cap). Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$5.40, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 13x in the Oil and Gas industry in the US. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$4.69, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 13x in the Oil and Gas industry in the US. Total loss to shareholders of 51% over the past three years. Announcement • Nov 18
Top Ships Inc., Annual General Meeting, Dec 12, 2025 Top Ships Inc., Annual General Meeting, Dec 12, 2025. Location: 20 iouliou kaisara str 19002, paiania, athens, greece, United States Reported Earnings • Oct 09
First half 2025 earnings released: EPS: US$1.64 (vs US$0.42 in 1H 2024) First half 2025 results: EPS: US$1.64 (up from US$0.42 in 1H 2024). Revenue: US$43.8m (up 4.1% from 1H 2024). Net income: US$7.56m (up 290% from 1H 2024). Profit margin: 17% (up from 4.6% in 1H 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Board Change • Aug 15
High number of new directors Independent Director Maria Zoupou was the last director to join the board, commencing their role in 2025. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to US$7.31, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 12x in the Oil and Gas industry in the US. Total loss to shareholders of 95% over the past three years. New Risk • Jun 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (US$25.4m market cap). Reported Earnings • Apr 15
Full year 2024 earnings released: EPS: US$1.09 (vs US$12.44 loss in FY 2023) Full year 2024 results: EPS: US$1.09 (up from US$12.44 loss in FY 2023). Revenue: US$86.1m (up 3.8% from FY 2023). Net income: US$5.03m (up US$27.4m from FY 2023). Profit margin: 5.8% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. New Risk • Feb 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (US$28.9m market cap). Announcement • Nov 08
Top Ships Inc., Annual General Meeting, Dec 06, 2024 Top Ships Inc., Annual General Meeting, Dec 06, 2024. Location: 20 iouliou kaisara str 19002, paiania, athens, greece, United States Reported Earnings • Aug 12
First half 2024 earnings released: EPS: US$0.42 (vs US$1.54 in 1H 2023) First half 2024 results: EPS: US$0.42 (down from US$1.54 in 1H 2023). Revenue: US$42.1m (up 2.2% from 1H 2023). Net income: US$1.94m (down 15% from 1H 2023). Profit margin: 4.6% (down from 5.6% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Oil and Gas industry in the US. Reported Earnings • Apr 01
Full year 2023 earnings: Revenues in line with analyst expectations Full year 2023 results: Revenue: US$82.9m (up 2.8% from FY 2022). Net income: US$6.07m (up US$15.3m from FY 2022). Profit margin: 7.3% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 1.7% growth forecast for the Oil and Gas industry in the US. New Risk • Feb 27
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$1.9m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Shareholders have been substantially diluted in the past year (173% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Significant insider selling over the past 3 months (US$1.9m sold). Market cap is less than US$100m (US$63.3m market cap). New Risk • Feb 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Shareholders have been substantially diluted in the past year (173% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$61.5m market cap). Announcement • Dec 15
Top Ships Inc. (NasdaqCM:TOPS) announces an Equity Buyback for $4 million worth of its shares. Top Ships Inc. (NasdaqCM:TOPS) announces a share repurchase program. Under the program, the company will repurchase up to $4 million worth of its outstanding common shares. The program is valid for 3 months. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to US$12.64, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total loss to shareholders of 97% over the past three years. Price Target Changed • Nov 30
Price target increased by 17% to US$42.00 Up from US$36.00, the current price target is provided by 1 analyst. New target price is 249% above last closing price of US$12.05. Stock is down 72% over the past year. The company is forecast to post earnings per share of US$1.23 next year compared to a net loss per share of US$36.34 last year. Recent Insider Transactions • Nov 24
Founder recently bought US$444k worth of stock On the 21st of November, Evangelos Pistiolis bought around 56k shares on-market at roughly US$7.95 per share. This transaction increased Evangelos' direct individual holding by 134x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Evangelos' only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to US$7.44, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total loss to shareholders of 97% over the past three years. New Risk • Nov 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.94m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Shareholders have been substantially diluted in the past year (474% increase in shares outstanding). Market cap is less than US$10m (US$9.94m market cap). Announcement • Nov 01
Top Ships Inc., Annual General Meeting, Nov 22, 2023 Top Ships Inc., Annual General Meeting, Nov 22, 2023, at 10:00 E. Europe Standard Time. Location: offices of Central Mare Inc., 1 Vas. Sofias & Meg. Alexandrou Str., Maroussi-Athens 151 24, Greece Maroussi - Athen Greece Agenda: To elect two Class I Directors to serve until the 2026 Annual Meeting of Shareholders; to ratify the appointment of Deloitte Certified Public Accountants S.A., as the Company’s independent auditors for the fiscal year ending December 31, 2023; to approve one or more amendments to the Company’s Amended and Restated Articles of Incorporation to effect one or more reverse stock splits of the Company’s issued common shares at a ratio of not less than one-for-two and not more than one-for-250 and in the aggregate at a ratio of not more than one-for-250, inclusive, with the Board having the discretion as to whether or not one or more reverse stock splits is to be effected at any time prior to December 31, 2024, with the exact ratio to be set within this range to be determined by the Company’s board of directors or any duly constituted committee thereof, at any time after approval of each amendment in its discretion; and to transact such other business. Announcement • Oct 17
Top Ships Inc. Announces Compliance with Nasdaq Minimum Bid Price Requirement TOP Ships Inc. announced that NASDAQ notified the Company that it has regained compliance with the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5550(a)(2). New Risk • Oct 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Shareholders have been substantially diluted in the past year (474% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (US$15.4m market cap). Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to US$8.80, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total loss to shareholders of 97% over the past three years. New Risk • Aug 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). 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$15.1m market cap). Reported Earnings • Aug 06
First half 2023 earnings: EPS exceeds analyst expectations First half 2023 results: EPS: US$0.13 (up from US$6.15 loss in 1H 2022). Revenue: US$41.1m (up 5.9% from 1H 2022). Net income: US$2.29m (up US$15.4m from 1H 2022). Profit margin: 5.6% (up from net loss in 1H 2022). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.8% decline forecast for the Oil and Gas industry in the US. Reported Earnings • Apr 08
Full year 2022 earnings: Revenues in line with analyst expectations Full year 2022 results: Revenue: US$80.7m (up 43% from FY 2021). Net loss: US$9.19m (down 270% from profit in FY 2021). Revenue was in line with analyst estimates. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.3% decline forecast for the Oil and Gas industry in the US. Reported Earnings • Mar 03
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: US$3.03 loss per share. Revenue: US$80.7m (up 43% from FY 2021). Net income: US$18.9m (up 251% from FY 2021). Profit margin: 24% (up from 9.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 54%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.3% decline forecast for the Oil and Gas industry in the US. Major Estimate Revision • Feb 23
Consensus EPS estimates fall by 204% The consensus outlook for fiscal year 2022 has been updated. 2022 expected loss increased from -US$2.17 to -US$6.60 per share. Revenue forecast of US$80.8m unchanged since last update. Oil and Gas industry in the US expected to see average net income decline 2.0% next year. Consensus price target of US$2.50 unchanged from last update. Share price fell 8.2% to US$0.80 over the past week. Board Change • Nov 16
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. 1 experienced director. 4 highly experienced directors. Independent Chairman of the Board Stavros Emmanuel was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
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. 2 experienced directors. 3 highly experienced directors. Independent Chairman of the Board Stavros Emmanuel was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 16
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: US$56.4m (down 6.4% from FY 2020). Net income: US$8.62m (up US$37.4m from FY 2020). Profit margin: 15% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 47%, compared to a 21% growth forecast for the oil industry in the US. Breakeven Date Change • Dec 31
Forecast breakeven date pushed back to 2022 The analyst covering Top Ships previously expected the company to break even in 2021. New forecast suggests the company will make a profit of US$27.3m in 2022. Average annual earnings growth of 63% is required to achieve expected profit on schedule. Board Change • Dec 03
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. 3 experienced directors. 2 highly experienced directors. Independent Chairman of the Board Stavros Emmanuel was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 11
First half 2021 earnings released: EPS US$0.019 (vs US$1.09 loss in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: US$25.3m (down 22% from 1H 2020). Net income: US$767.0k (up US$8.73m from 1H 2020). Profit margin: 3.0% (up from net loss in 1H 2020). Reported Earnings • Apr 26
Full year 2020 earnings released: US$1.22 loss per share (vs US$265 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: US$60.2m (down 8.9% from FY 2019). Net loss: US$28.8m (loss narrowed 7.1% from FY 2019). Is New 90 Day High Low • Jan 30
New 90-day high: US$2.10 The company is up 106% from its price of US$1.02 on 30 October 2020. The American market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 37% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: US$1.72 The company is up 48% from its price of US$1.16 on 14 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 39% over the same period. Is New 90 Day High Low • Dec 05
New 90-day high: US$1.65 The company is up 50% from its price of US$1.10 on 04 September 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 11% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: US$1.07 The company is down 68% from its price of US$3.37 on 26 June 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 16% over the same period. 
