Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €4.50, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 12x in the Oil and Gas industry in Europe. Total loss to shareholders of 53% over the past three years. Duyuru • 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 Duyuru • 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 38% growth forecast for the Oil and Gas industry in Germany. Reported Earnings • Mar 30
Full year 2023 earnings released 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 is forecast to grow 5.6% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. 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: €1.7m 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). Share price has been highly volatile over the past 3 months (44% average weekly change). 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). Significant insider selling over the past 3 months (€1.7m sold). Market cap is less than US$100m (€58.3m market cap, or US$63.3m). 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). Share price has been highly volatile over the past 3 months (44% average weekly change). 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). Market cap is less than US$100m (€56.9m market cap, or US$61.5m). Board Change • Jan 08
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. Duyuru • 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. Duyuru • 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. Duyuru • 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 • Aug 07
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 (€13.7m market cap, or US$15.1m). Reported Earnings • Aug 06
First half 2023 earnings released: EPS: US$0.13 (vs US$6.15 loss in 1H 2022) 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 is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Oil and Gas industry in Germany. Reported Earnings • Apr 08
Full year 2022 earnings released 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 is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Oil and Gas industry in Germany. Reported Earnings • Mar 03
Full year 2022 earnings released: US$3.03 loss per share (vs US$2.71 profit in FY 2021) 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 is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Oil and Gas industry in Germany. Duyuru • Dec 06
Top Ships Inc. has completed a Follow-on Equity Offering. Top Ships Inc. has completed a Follow-on Equity Offering.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 6,750,000
Price\Range: $2 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. Duyuru • Oct 11
Top Ships Announces Compliance with NASDAQ Minimum Bid Price Requirement TOP Ships Inc. (the “Company”) announced that NASDAQ notified the Company that it has regained compliance with the minimum bid price requirement for the Nasdaq Capital Market, set in Nasdaq Listing Rule 5550(a)(2). Duyuru • Oct 08
Top Ships Inc. has completed a Follow-on Equity Offering. Top Ships Inc. has completed a Follow-on Equity Offering.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 129,442
Transaction Features: At the Market Offering Reported Earnings • Sep 28
First half 2022 earnings released: US$6.15 loss per share (vs US$0.019 profit in 1H 2021) First half 2022 results: US$6.15 loss per share (down from US$0.019 profit in 1H 2021). Revenue: US$38.8m (up 54% from 1H 2021). Net loss: US$13.1m (down US$13.9m from profit in 1H 2021). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Oil and Gas industry in Germany. Duyuru • Aug 10
Top Ships Inc., Annual General Meeting, Sep 05, 2022 Top Ships Inc., Annual General Meeting, Sep 05, 2022, at 10:00 E. Europe Standard Time. Location: Central Mare Inc., 1 Vas. Sofias & Meg. Alexandrou Str Marousi-Athens Greece Agenda: To elect one Class III Director to serve until the 2025 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, 2022; to approve one or more amendments to the Company's Amended and Restated Articles of Incorporation; and to transact such other business as may properly come before the meeting or any adjournment thereof. Duyuru • May 21
TOP Ships Announces Receipt of Nasdaq Notice TOP Ships Inc. announced that it has received written notification from The Nasdaq Stock Market (“Nasdaq”) dated May 18, 2022, indicating that because the closing bid price of the Company's common stock for the last 30 consecutive business days was below $1.00 per share, the Company no longer meets the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until November 14, 2022. The Company intends to monitor the closing bid price of its common stock between now and November 14, 2022 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company's common stock will continue to be listed and trade on the Nasdaq Capital Market. The Company's business operations are not affected by the receipt of the notification. 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 15
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 56% growth forecast for the oil industry in Germany. Duyuru • Jan 31
TOP Ships Announces Receipt of Nasdaq Notice as It No Longer Meets the Minimum Bid Price Requirement for the Nasdaq Capital Market TOP Ships Inc. (the “Company”) announced that it has received written notification from The Nasdaq Stock Market (“Nasdaq”) dated January 26, 2022, indicating that because the closing bid price of the Company's common stock for the last 30 consecutive business days was below $1.00 per share, the Company no longer meets the minimum bid price requirement for the Nasdaq Capital Market, set in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until July 25, 2022. The Company intends to monitor the closing bid price of its common stock between now and July 25, 2022 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company's common stock will continue to be listed and trade on the Nasdaq Capital Market. The Company's business operations are not affected by the receipt of the notification. 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. Breakeven Date Change • Sep 23
Forecast to breakeven in 2021 The analyst covering Top Ships expects the company to break even for the first time. New forecast suggests the company will make a profit of US$1.90m in 2021. Earnings growth of 61% is required to achieve expected profit on schedule. Reported Earnings • Sep 12
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 • Feb 02
New 90-day high: €1.63 The company is up 93% from its price of €0.84 on 04 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 62% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: €1.39 The company is up 43% from its price of €0.97 on 14 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 34% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: €1.20 The company is up 31% from its price of €0.92 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 44% over the same period. Duyuru • Aug 26
Top Ships Announces Compliance with NASDAQ Minimum Bid Price Requirement Top Ships Inc. announced on August 25, 2020 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). Duyuru • Jul 17
Top Ships Inc. has completed a Follow-on Equity Offering in the amount of $15.864 million. Top Ships Inc. has completed a Follow-on Equity Offering in the amount of $15.864 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 158,640,000
Price\Range: $0.1
Discount Per Security: $0.00625
Security Features: Associated Rights
Transaction Features: Registered Direct Offering Duyuru • Jun 19
Top Ships Inc. has completed a Follow-on Equity Offering in the amount of $7.8 million. Top Ships Inc. has completed a Follow-on Equity Offering in the amount of $7.8 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 60,000,000
Price\Range: $0.13
Discount Per Security: $0.008125
Security Features: Associated Rights
Transaction Features: Registered Direct Offering Duyuru • Jun 17
Top Ships Inc. has completed a Follow-on Equity Offering in the amount of $15 million. Top Ships Inc. has completed a Follow-on Equity Offering in the amount of $15 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 117,187,500
Price\Range: $0.128
Discount Per Security: $0.008
Transaction Features: Registered Direct Offering 
