1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
ICON
Event Date
2024-07-12
Sector
Industrials
Subsector
Marine Transportation
Offer Range
$4.00
Shares Offered
1.25M
1.45M
$7.3M
86.2%
Implied Upside vs Midpoint
Description
We are an international shipping company that was recently incorporated in the Republic of the Marshall Islands for the purpose of acquiring, owning, chartering and operating dry bulk vessels. We provide worldwide seaborne transportation services for dry bulk cargo, including ‘major bulks’ such as iron ore, coal, grains and bauxite, and ‘minor bulks’ such as steel, sugar, fertilizers, cement and scrap metal. Upon completion of this offering, we will own one Panamax dry bulk vessel, named the M/V “Alfa”, with a carrying capacity of approximately 77,326 dwt, which was built in Japan in 2006. We refer to this vessel throughout this prospectus as our “Initial Vessel.” --- Icon Energy is a holding company existing under the laws of the Republic of the Marshall Islands. We maintain our principal executive offices at c/o Pavimar Shipping Co., 17th km National Road Athens-Lamia & Foinikos Str. 14564, Nea Kifissia, Athens, Greece and our telephone number is +30 211 88 81 300. Our website is www.icon-nrg.com.
Icon Energy Corp annual income statement and balance sheet, FY 2022 to FY 2025, as reported in SEC filings.
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | — | — | $43.0K | $1.7M |
| Operating income | $4.2M | $1.1M | $170K | $180K |
| Net income | $4.2M | $1.2M | ($210K) | ($4.2M) |
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | — | $12.9M | $28.8M | $58.4M |
| Total liabilities | — | $3.7M | $17.0M | $37.1M |
| Total equity | $14.3M | $9.2M | $11.7M | $21.4M |
| Cash & equivalents | $3.6M | $2.7M | $946K | $3.9M |