Revenue growth remains highly volatile, evidenced by a 39.6% increase in 2025Q4 followed by a 4.5% rise in 2026Q1, while gross margins continue to fluctuate between 20.7% and 39.2%.
| Sales/Revenue | 82.73M | 81.81M | 66.24M | 97.52M | 150.22M | 132.05M | 12.49M | 5.97M | 3.96M | 2.02M |
| Revenue Growth % | 24.97% | 23.51% | -32.07% | -35.08% | 13.76% | 957.44% | 109.25% | 50.67% | 96.27% | - |
| Cost of Goods Sold | 59.48M | 60.1M | 46.59M | 69.04M | 63.52M | 66.52M | 9.94M | 3.96M | 2.4M | 1.46M |
| COGS % of Revenue | - | 73.45% | 70.33% | 70.8% | 42.28% | 50.37% | 79.58% | 66.38% | 60.66% | 72.26% |
| Gross Profit | 23.25M | 21.72M | 19.65M | 28.47M | 86.7M | 65.53M | 2.55M | 2.01M | 1.56M | 559.87K |
| Gross Margin % | 28.11% | 26.55% | 29.67% | 29.2% | 57.72% | 49.63% | 20.42% | 33.62% | 39.34% | 27.74% |
| Gross Profit Growth % | - | 10.52% | -30.98% | -67.16% | 32.3% | 2469.32% | 27.12% | 28.78% | 178.29% | - |
| Operating Expenses | 18.09M | 21.81M | 18.16M | 6.46M | 13.61M | 10.01M | 2.1M | 591.08K | 570.88K | 149.94K |
| OpEx % of Revenue | - | 26.66% | 27.41% | 6.63% | 9.06% | 7.58% | 16.8% | 9.9% | 14.41% | 7.43% |
| Selling, General & Admin | 20.22M | 19.43M | 18.16M | 12.85M | 16.44M | 10.01M | 2.06M | 591.08K | 570.88K | 149.94K |
| SG&A % of Revenue | - | 23.75% | 27.41% | 13.18% | 10.94% | 7.58% | 16.51% | 9.9% | 14.41% | 7.43% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.02M | 2.38M | 0 | -6.38M | -2.83M | 0 | 37.1K | 0 | 0 | 0 |
| Operating Income | 5.16M | -92.88K | 1.49M | 22.01M | 73.09M | 55.52M | 452.03K | 1.42M | 987.19K | 409.93K |
| Operating Margin % | 6.24% | -0.11% | 2.26% | 22.57% | 48.66% | 42.04% | 3.62% | 23.72% | 24.92% | 20.31% |
| Operating Income Growth % | - | -106.22% | -93.21% | -69.89% | 31.66% | 12182.2% | -68.06% | 43.37% | 140.82% | - |
| EBITDA | 20.27M | 14.67M | 17.34M | 44.97M | 91.63M | 69.88M | 2.36M | 2.31M | 1.7M | 592.27K |
| EBITDA Margin % | 24.5% | 17.93% | 26.18% | 46.12% | 61% | 52.92% | 18.87% | 38.75% | 42.84% | 29.35% |
| EBITDA Growth % | 346.73% | -15.42% | -61.44% | -50.92% | 31.12% | 2864.88% | 1.92% | 36.3% | 186.47% | - |
| D&A (Non-Cash Add-back) | 15.11M | 14.76M | 15.85M | 22.97M | 18.54M | 14.36M | 1.9M | 897.17K | 709.51K | 182.35K |
| EBIT | 118.01M | 25.45M | 21.53M | 32.74M | 73.75M | 55.62M | 457.69K | 1.31M | 1.11M | 409.93K |
| Net Interest Income | -2.09M | -1.13M | 796.36K | -8.05M | -6.33M | -2.78M | -2.15M | -190.57K | 29.86K | -532 |
| Interest Income | 0 | 1.91M | 6.88M | 3.21M | 1.36M | 75.12K | 34.98K | 31.59K | 31.94K | 0 |
| Interest Expense | 2.09M | 3.04M | 6.09M | 11.26M | 7.68M | 2.85M | 2.19M | 222.16K | 2.08K | 532 |
| Other Income/Expense | 111.1M | 22.5M | 13.94M | -526.96K | -6.16M | -2.75M | -2.18M | -327.2K | -6.25K | 468.72K |
| Pretax Income | 116.26M | 22.41M | 15.44M | 21.48M | 66.93M | 52.77M | -1.73M | 1.09M | 980.94K | 878.64K |
| Pretax Margin % | 140.53% | 27.39% | 23.31% | 22.03% | 44.56% | 39.96% | -13.87% | 18.23% | 24.77% | 43.54% |
| Income Tax | 2.15M | 865.87K | 133.99K | 177.79K | 388.67K | 497.34K | 21.64K | 0 | 0 | 0 |
| Effective Tax Rate % | 1.85% | 3.86% | 0.87% | 0.83% | 0.58% | 0.94% | -1.25% | 0% | 0% | 0% |
| Net Income | 85.35M | 19.27M | 14.62M | 38.64M | 118.56M | 52.27M | -1.75M | 1.09M | 980.94K | 878.64K |
| Net Margin % | 103.17% | 23.55% | 22.07% | 39.63% | 78.93% | 39.58% | -14.04% | 18.23% | 24.77% | 43.54% |
| Net Income Growth % | 418.49% | 31.81% | -62.17% | -67.41% | 126.82% | 3080.87% | -261.15% | 10.93% | 11.64% | - |
| Net Income (Continuing) | 114.11M | 21.54M | 15.3M | 21.3M | 66.54M | 52.27M | -1.75M | 1.09M | 980.94K | 878.64K |
| Discontinued Operations | 0 | 0 | 0 | 17.34M | 52.02M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 104.68M | 62.81M | 55.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.51 | 0.36 | 0.87 | 1.68 | 12.53 | 4.75 | -2.59 | 31.13 | -119.38 | 35.39 |
| EPS Growth % | 156.08% | -58.62% | -48.21% | -86.59% | 163.79% | 283.4% | -108.32% | 126.08% | -437.33% | - |
| EPS (Basic) | - | 1.13 | 3.50 | 3.86 | 12.53 | 4.83 | -2.59 | 31.13 | -27.74 | 35.39 |
| Diluted Shares Outstanding | 56.56M | 53.65M | 38.75M | 21.95M | 9.46M | 8.53M | 677.35K | 26.62K | 24K | 24K |
| Basic Shares Outstanding | 9.66M | 9.66M | 9.66M | 9.57M | 9.46M | 8.39M | 677.35K | 26.62K | 24K | 24K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
High Operational Margin Volatility
According to recent financial disclosures, CTRM's revenue growth has exhibited significant volatility, with a 39.6% increase in 2025Q4 followed by a 4.5% rise in 2026Q1, suggesting that top-line performance remains heavily dependent on opportunistic fleet expansion rather than consistent organic growth in daily charter rates.
The erratic revenue trajectory reflects the company's transactional business model, which lacks the stability of long-term contracts. Investors should monitor whether future revenue gains are derived from sustainable day-rate improvements or merely the continued acquisition of additional tonnage.
As reported in quarterly filings, the company's gross margin has fluctuated between 20.7% and 39.2% over the last ten quarters, indicating that the firm struggles to maintain consistent pricing power amidst the inherent cyclicality of the global dry bulk and tanker shipping markets.
The wide variance in gross margins suggests that Castor Maritime is highly susceptible to bunker fuel price spikes and fluctuating charterer demand. This lack of margin stability implies that the company may lack the operational scale required to buffer against adverse shifts in the Baltic Dry Index.
Based on the provided income statement data, the significant divergence between operating income and net income, such as the 2025Q4 net margin of 62.4% against a 6.0% operating margin, suggests that reported profitability is heavily reliant on non-operating gains rather than core shipping operations.
The reliance on non-operating items, likely stemming from vessel sales or spin-off accounting, masks the underlying weakness in core operational performance. Analysts should treat these net income figures with caution, as they do not reflect the recurring cash-generating capacity of the fleet.
Data from the most recent periods indicates that operating income frequently fails to scale with gross profit, as evidenced by the negative operating margins recorded in several quarters, which suggests that administrative overhead and depreciation costs are currently outpacing the company's ability to generate core profit.
The inability to maintain positive operating leverage indicates that the company's current cost structure is too heavy for its revenue base. This warrants further investigation into whether management can optimize G&A expenses or if the fleet size has reached a point of diminishing returns.
While the company maintains a fortress-like debt position with a 0.12% debt-to-equity ratio, the persistent volatility in operating income suggests that the current business model may be unsustainable without continued reliance on equity dilution or asset sales to fund operations and fleet maintenance.
Short-sellers would likely focus on the company's history of equity issuance and the potential for future dilution if operating cash flows remain insufficient. The market's skepticism appears rooted in the concern that the company functions more as a capital recycling vehicle than a sustainable shipping operator.
Quick answers to the most common questions about buying CTRM stock.
For fiscal year 2025, Castor Maritime Inc. (CTRM) reported total revenue of $81.8M. This represents a 3954.1% increase compared to $2.0M in 2017.
Castor Maritime Inc. (CTRM) is profitable, generating $19.3M in net income for the fiscal year ending 2025 with a net profit margin of 23.6%.
Castor Maritime Inc. (CTRM) reported an operating income of $-0.1M, resulting in an operating profit margin of -0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Castor Maritime Inc. (CTRM) generated $21.7M in gross profit for the year, representing a gross profit margin of 26.5%. This demonstrates the company's core pricing power and production efficiency.