GlobeNewswire·Nov 12, 2026, 10:31 AM ET

Rubico Inc. Reports Net Income of $1.4 Million, Revenues of $5.4 Million and EBITDA of $3.3 Million for the Three Months Ended September 30, 2026

RUBI

Rubico Inc. reported third-quarter 2026 net income of $1.4 million, revenues of $5.4 million, EBITDA of $3.3 million, and net cash from operating activities of $1.4 million.
For the nine months ended September 30, 2026, the company reported net income of $0.3 million, revenues of $15.1 million, EBITDA of $6.3 million, and net cash from operating activities of $5.5 million.
As of September 30, 2026, the company held cash \& cash equivalents of $3.7 million, total assets of $159.3 million, \& stockholders' equity of $46.8 million.
Q3 2026 fleet utilization reached 98.8% following the completion of scheduled drydockings that impacted nine-month net income by an estimated $4.7 million due to costs, revenue forgone, \& bunker expenses.
On September 30, 2026, Rubico acquired a shipowning company for its third 47,499 dwt MR newbuilding tanker, scheduled for delivery in Q2 2029 under a seven-year time charter.
On November 9, 2026, the company entered a share purchase agreement to acquire two additional shipowning companies owning 47,499 dwt MR newbuilding tankers scheduled for delivery in Q4 2028 \& Q4 2029, expanding the MR program to five vessels.
These acquisitions are expected to add approximately $150.9 million to the potential gross revenue backlog, bringing the total to $523.1 million.
The company intends to divest its 60-meter newbuilding megayacht scheduled for delivery in Q2 2027.
The MR newbuilding tankers acquired via the November 9 agreement will operate under seven-year time charters with options to extend for four additional years.
Daily vessel operating expenses decreased to $7,424 in Q3 2026 from $10,364 in Q3 2025, while TCE rates averaged $28,533 per day for the quarter.

Company: Rubico Inc
Keywords: Nasdaq:RUBI, Rubico Inc