Revenue has contracted sharply to $3.1M in 2025Q2, while gross margins have collapsed into negative territory at -3.3%, signaling significant operational inefficiency.
| Sales/Revenue | 19.43M | 25.7M | 18.96M | 19.09M | 1.33M | 9.41M | 12.37M |
| Revenue Growth % | -12.05% | 35.58% | -0.67% | 1330.66% | -85.83% | -23.92% | - |
| Cost of Goods Sold | 19.31M | 23.39M | 13.42M | 10.56M | 408K | 9.48M | 7.13M |
| COGS % of Revenue | - | 91.02% | 70.79% | 55.33% | 30.58% | 100.69% | 57.65% |
| Gross Profit | 122K | 2.31M | 5.54M | 8.53M | 926K | -65.1K | 5.24M |
| Gross Margin % | 0.63% | 8.98% | 29.21% | 44.67% | 69.42% | -0.69% | 42.35% |
| Gross Profit Growth % | - | -58.32% | -35.04% | 820.63% | 1522.45% | -101.24% | - |
| Operating Expenses | 19.04M | 20.35M | 13.26M | 8.85M | 792K | 3.73M | 4.62M |
| OpEx % of Revenue | - | 79.19% | 69.95% | 46.38% | 59.37% | 39.65% | 37.37% |
| Selling, General & Admin | 6.67M | 6.21M | 6.52M | 3.96M | 901.02K | 2.02M | 809.21K |
| SG&A % of Revenue | - | 24.17% | 34.38% | 20.75% | 67.54% | 21.48% | 6.54% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.31M | 14.14M | 6.74M | 4.89M | -109.02K | 1.71M | 3.81M |
| Operating Income | -18.92M | -18.05M | -7.72M | -326K | 134K | -3.8M | -1.86M |
| Operating Margin % | -97.33% | -70.21% | -40.73% | -1.71% | 10.04% | -40.34% | -15.06% |
| Operating Income Growth % | - | -133.68% | -2268.71% | -343.28% | 103.53% | -103.76% | - |
| EBITDA | -11.94M | -10.85M | -52K | 4.57M | 488K | -1.64M | 1.19M |
| EBITDA Margin % | -61.41% | -42.2% | -0.27% | 23.95% | 36.58% | -17.47% | 9.58% |
| EBITDA Growth % | -95.21% | -20759.62% | -101.14% | 836.48% | 129.68% | -238.73% | - |
| D&A (Non-Cash Add-back) | 6.98M | 7.2M | 7.67M | 4.9M | 354K | 2.15M | 0 |
| EBIT | -15.46M | -17.75M | -1.07M | -326K | 134K | -3.8M | 1.19M |
| Net Interest Income | 164K | 203K | -405K | 0 | 0 | 0 | 0 |
| Interest Income | 273K | 312K | 504K | 0 | 0 | 0 | 0 |
| Interest Expense | 109K | 109K | 909K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 127K | 183K | 5.75M | 0 | 0 | 0 | 0 |
| Pretax Income | -18.79M | -17.86M | -1.98M | -326K | 134K | -3.8M | -1.86M |
| Pretax Margin % | -96.68% | -69.5% | -10.43% | -1.71% | 10.04% | -40.34% | -15.06% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -18.79M | -17.86M | -1.98M | -326K | 134K | -3.8M | -1.86M |
| Net Margin % | -96.68% | -69.5% | -10.43% | -1.71% | 10.04% | -40.34% | -15.06% |
| Net Income Growth % | -46.39% | -803.49% | -506.44% | -343.28% | 103.53% | -103.76% | - |
| Net Income (Continuing) | -18.79M | -17.86M | -1.98M | -326K | 134K | -3.8M | -1.86M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -62.52 | -2.64 | -3.83 | -17.18 | 1.06 | -86.07 | -42.24 |
| EPS Growth % | -1324.83% | 31.07% | 77.71% | -1720.75% | 101.23% | -103.76% | - |
| EPS (Basic) | - | -2.64 | -3.90 | -17.20 | 1.47 | -86.07 | -42.24 |
| Diluted Shares Outstanding | 300.53K | 298.61K | 134.89K | 62.26K | 73.65K | 52.92K | 52.92K |
| Basic Shares Outstanding | 263.36K | 298.61K | 132.62K | 62.26K | 52.92K | 52.92K | 52.92K |
| Dividend Payout Ratio | - | - | - | - | 1249.8% | - | - |
Insufficient Scale and Liquidity
As indicated by the most recent quarterly data, OceanPal's revenue has contracted significantly, with the 2025Q2 figure of $3.1M representing a sharp decline from the $7.5M peak observed in 2024Q3, highlighting the extreme sensitivity of the company's spot-market-dependent business model to volatile dry bulk charter rates.
The erratic top-line performance suggests that the company lacks the long-term contract stability required to smooth out cyclical industry downturns. Investors should monitor whether this contraction is a result of vessel off-hire days or a broader deterioration in the Baltic Panamax Index, which appears to be the primary driver of the company's limited revenue base.
According to the provided income statement data, OceanPal's gross margin has collapsed into negative territory at -3.3% in 2025Q2, a stark reversal from the 44.1% margin achieved in 2023Q4, suggesting that voyage expenses are currently outpacing the revenue generated by the company's limited fleet.
This margin compression implies that the company's fixed-cost structure is poorly aligned with current market rates, leaving little room for operational error. The inability to maintain positive gross margins suggests that the current fleet size may be insufficient to cover the technical management and operating costs inherent in the shipping industry.
Based on reported financial figures, the company's operating margin of -173.0% in 2025Q2 demonstrates a severe lack of operating leverage, as SG&A expenses remain stubbornly high relative to the shrinking revenue base, effectively magnifying the impact of gross profit declines on the bottom line.
The persistent operating losses indicate that the corporate overhead required to maintain a public listing is disproportionate to the revenue-generating capacity of the current fleet. This structure appears to create a scenario where any revenue shortfall leads to an immediate and significant deterioration in net income, warranting further investigation into the sustainability of the current cost base.
Financial statements reveal that OceanPal recorded $694.5K in stock-based compensation during 2025Q2, which, when combined with consistent net losses, suggests that equity-based incentives are further diluting shareholder value without a corresponding improvement in operational profitability or cash flow generation.
The presence of significant non-cash compensation during periods of deep net losses raises questions regarding the alignment of management incentives with shareholder interests. Investors should monitor whether these charges are a recurring feature of the company's compensation strategy, as they appear to be a meaningful drag on the already strained earnings per share.
As reported in recent filings, the combination of a $7.16M cash position and recurring quarterly net losses in the millions suggests that the company may face a liquidity crunch, potentially necessitating dilutive equity financing to sustain operations if market conditions do not improve rapidly.
Short-sellers would likely focus on the company's inability to achieve consistent profitability, viewing the current business model as a value-destructive entity that relies on external capital to survive. The lack of a clear path to positive cash flow suggests that the company's long-term viability remains highly contingent on external market factors rather than internal operational improvements.
Quick answers to the most common questions about buying OP stock.
For fiscal year 2024, OceanPal Inc. (OP) reported total revenue of $25.7M. This represents a 107.8% increase compared to $12.4M in 2019.
OceanPal Inc. (OP) reported a net loss of $17.9M for the fiscal year ending 2024.
OceanPal Inc. (OP) reported an operating income of $-18.0M, resulting in an operating profit margin of -70.2%. This margin reflects the operational efficiency of the business before interest and taxes.
OceanPal Inc. (OP) generated $2.3M in gross profit for the year, representing a gross profit margin of 9.0%. This demonstrates the company's core pricing power and production efficiency.