Revenue contraction of 50.04% year-over-year and gross margins as low as 4.6% highlight the difficulty of maintaining profitable spreads in a competitive dry bulk environment.
| Sales/Revenue | 649.75M | 597.22M | 1.2B | 663.12M | 316.47M |
| Revenue Growth % | - | -50.04% | 80.27% | 109.54% | - |
| Cost of Goods Sold | 553.63M | 522.96M | 1.06B | 609.21M | 41.71M |
| COGS % of Revenue | - | 87.57% | 88.54% | 91.87% | 13.18% |
| Gross Profit | 96.12M | 74.26M | 136.94M | 53.91M | 274.76M |
| Gross Margin % | 14.79% | 12.43% | 11.46% | 8.13% | 86.82% |
| Gross Profit Growth % | - | -45.77% | 154.03% | -80.38% | - |
| Operating Expenses | 110.2M | 93.11M | 170.59M | 190.69M | 165.71M |
| OpEx % of Revenue | - | 15.59% | 14.27% | 28.76% | 52.36% |
| Selling, General & Admin | 22.85M | 10.65M | 17.8M | 13M | 7.37M |
| SG&A % of Revenue | - | 1.78% | 1.49% | 1.96% | 2.33% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 4M | 82.46M | 152.8M | 177.69M | 158.34M |
| Operating Income | -14.08M | -18.85M | -33.65M | -136.78M | 109.05M |
| Operating Margin % | -2.17% | -3.16% | -2.81% | -20.63% | 34.46% |
| Operating Income Growth % | - | 43.99% | 75.4% | -225.43% | - |
| EBITDA | 21.38M | 9.56M | 3.74M | -97.16M | 148.71M |
| EBITDA Margin % | 3.29% | 1.6% | 0.31% | -14.65% | 46.99% |
| EBITDA Growth % | - | 155.94% | 103.85% | -165.34% | - |
| D&A (Non-Cash Add-back) | 35.46M | 28.41M | 37.38M | 39.62M | 39.66M |
| EBIT | 4.13M | -28.33M | -70.98M | -119.52M | 109.99M |
| Net Interest Income | -8.19M | -5.89M | -25.79M | -25.81M | -19.54M |
| Interest Income | 5.13M | 3.14M | 1.48M | 2.37M | 0 |
| Interest Expense | 13.32M | 9.03M | 27.27M | 28.17M | 19.54M |
| Other Income/Expense | 1.61M | -18.5M | -64.61M | -10.92M | -18.6M |
| Pretax Income | -12.47M | -37.35M | -98.25M | -147.7M | 90.44M |
| Pretax Margin % | -1.92% | -6.25% | -8.22% | -22.27% | 28.58% |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -12.47M | -37.35M | -98.25M | -147.7M | 90.44M |
| Net Margin % | -1.92% | -6.25% | -8.22% | -22.27% | 28.58% |
| Net Income Growth % | - | 61.98% | 33.48% | -263.3% | - |
| Net Income (Continuing) | -12.47M | -37.35M | -98.25M | -147.7M | 90.44M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.52 | -1.54 | -4.05 | -6.09 | 3.74 |
| EPS Growth % | - | 61.98% | 33.5% | -262.83% | - |
| EPS (Basic) | - | -1.54 | -4.05 | -6.09 | 3.74 |
| Diluted Shares Outstanding | 24.18M | 24.2M | 24.24M | 24.24M | 24.2M |
| Basic Shares Outstanding | 24.18M | 24.2M | 24.24M | 24.24M | 24.2M |
| Dividend Payout Ratio | - | - | - | - | - |
Volatile Spot Market Exposure
As indicated by the most recent quarterly financial data, CMDB experienced a significant 50.04% year-over-year revenue decline, suggesting a substantial reduction in operational scale or a sharp deterioration in the freight rate environment that characterizes the company's highly cyclical dry bulk trading business model.
The sharp drop in top-line performance highlights the inherent risks of a spot-market-heavy strategy where revenue is tethered to the Baltic Dry Index. Investors should monitor whether this contraction represents a strategic pivot to reduce exposure to unfavorable charter-in costs or a broader collapse in demand for the commodities the company transports.
Based on reported figures, the company's gross margin compressed to 4.6% in recent periods, illustrating the difficulty of maintaining a profitable middleman spread when charter-in costs remain elevated relative to the freight rates achievable in the current, highly competitive dry bulk shipping market environment.
The inability to consistently maintain double-digit gross margins suggests that CMDB lacks the pricing power required to pass through bunker fuel and charter-in cost volatility to cargo owners. This structural margin weakness implies that the current asset-light operating model may be fundamentally unsuited for periods of low freight rate volatility.
According to the provided income statement data, the company's operating margin has frequently dipped into negative territory, reaching -11.9% in recent quarters, which suggests that administrative expenses are currently scaling disproportionately to the gross profit generated by the firm's core chartering and trading activities.
The lack of positive operating leverage indicates that the company's fixed administrative cost base is too heavy for its current revenue volume. Without a significant increase in freight trading activity or a reduction in overhead, the company may continue to struggle to achieve sustainable operating profitability.
While the company maintains a substantial cash position, the persistent negative operating margins and revenue volatility suggest that the market may be mispricing CMDB as a traditional shipowner rather than a speculative trading platform that is currently failing to capture value from its chartering operations.
Short-sellers would likely focus on the disconnect between the company's high cash balance and its inability to generate consistent operating income, arguing that the current model is burning capital without a clear path to profitability. The reliance on parent-company support warrants further investigation into whether this entity is being managed for long-term growth or simply as a liquidity vehicle.
Quick answers to the most common questions about buying CMDB stock.
For fiscal year 2025, Costamare Bulkers Holdings Ltd (CMDB) reported total revenue of $597.2M. This represents a 88.7% increase compared to $316.5M in 2022.
Costamare Bulkers Holdings Ltd (CMDB) reported a net loss of $37.4M for the fiscal year ending 2025.
Costamare Bulkers Holdings Ltd (CMDB) reported an operating income of $-18.8M, resulting in an operating profit margin of -3.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Costamare Bulkers Holdings Ltd (CMDB) generated $74.3M in gross profit for the year, representing a gross profit margin of 12.4%. This demonstrates the company's core pricing power and production efficiency.