NYSE American · TOPS
TOP Ships financials
$0.6233−2.76%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.4M | $86.1M | $82.9M | $80.7M | $56.4M | $60.2M | $66.1M | $41.0M | $39.4M | $28.4M |
| Gross profit | $59.5M | $65.0M | $62.8M | $79.0M | $56.4M | $57.9M | $63.0M | $40.0M | $38.4M | $27.7M |
| Gross margin | 74.0% | 75.5% | 75.7% | 98.0% | 100.0% | 96.1% | 95.4% | 97.5% | 97.5% | 97.4% |
| Operating income | $26.3M | $27.9M | $28.7M | $32.5M | $14.8M | $10.6M | $3.9M | -$3.9M | $1.6M | $4.8M |
| Net income | $3.1M | $5.0M | -$22.4M | -$9.2M | $5.4M | -$28.8M | -$31.0M | -$11.1M | -$13.4M | -$351.0K |
| Net margin | 3.8% | 5.8% | −27.0% | −11.4% | 9.6% | −47.8% | −46.9% | −27.1% | −34.1% | −1.2% |
| Diluted EPS | $0.67 | $1.09 | $-12.44 | $-36.34 | $32.51 | $-293.76 | $-63511.20 | $-73488.00 | $-1512600.00 | $-1914546000.00 |
| EBITDA | $38.6M | $41.2M | $43.1M | $45.8M | $23.6M | $29.1M | $34.4M | $4.5M | $9.1M | $10.0M |
| Operating cash flow | $26.4M | $17.3M | $28.9M | $33.4M | $16.1M | $6.0M | $19.2M | $716.0K | $695.0K | $6.7M |
| Free cash flow | $17.1M | $17.3M | $28.9M | -$183.3M | -$99.5M | -$114.8M | -$184.1M | -$62.8M | -$40.7M | -$66.7M |
| Diluted shares | 4.6M | 4.6M | 1.8M | 0.3M | 0.2M | 0.1M | 0.0M | 0.0M | 0.0M | 0.0M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $20.4M | $7.6M | $36.0M | $20.5M | $2.4M | $19.3M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $216.6M | $259.3M | $240.5M | $237.0M | $150.6M | $104.6M |
| Total assets | $333.6M | $422.8M | $459.2M | $469.3M | $330.8M | $293.0M |
| Total liabilities | $244.4M | $278.4M | $275.8M | $272.3M | $221.4M | $158.8M |
| Shareholders' equity | $89.2M | $144.4M | $139.5M | $197.0M | $109.4M | $120.7M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology