Revenue growth reached 42.1% in 2026Q1, yet the firm continues to struggle with margin consistency, as evidenced by the swing from a negative 23.0% net margin in 2024Q4 to 8.9% in 2026Q1.
Globus Maritime Limited (GLBS) annual income statement — 18-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 52.91M | 44.21M | 34.87M | 31.2M | 61.76M | 43.38M | 11.75M | 15.62M | 17.35M | 14.42M | 9.02M | 12.71M | 26.38M | 29.43M | 32.2M | 35.56M | 28.86M | 52.81M | 98.6M |
| Revenue Growth % | 47.79% | 26.77% | 11.74% | -49.47% | 42.35% | 269.11% | -24.77% | -9.97% | 20.32% | 59.94% | -29.08% | -51.8% | -10.38% | -8.58% | -9.45% | 23.21% | -45.35% | -46.44% | - |
| Cost of Goods Sold | 36.31M | 34.98M | 28.26M | 30.91M | 33.63M | 23.05M | 15.82M | 17.41M | 16.88M | 16.74M | 15.98M | 19.89M | 20.91M | 20.24M | 28.69M | 11.25M | 8.04M | 13.88M | 19.21M |
| COGS % of Revenue | - | 79.13% | 81.04% | 99.05% | 54.46% | 53.14% | 134.58% | 111.41% | 97.27% | 116.09% | 177.18% | 156.45% | 79.25% | 68.76% | 89.11% | 31.64% | 27.86% | 26.28% | 19.48% |
| Gross Profit | 16.59M | 9.23M | 6.61M | 298K | 28.12M | 20.33M | -4.06M | -1.78M | 474K | -2.32M | -6.96M | -7.18M | 5.47M | 9.19M | 3.51M | 24.31M | 20.82M | 38.93M | 79.39M |
| Gross Margin % | 31.36% | 20.88% | 18.96% | 0.95% | 45.54% | 46.86% | -34.58% | -11.41% | 2.73% | -16.09% | -77.18% | -56.45% | 20.75% | 31.24% | 10.89% | 68.36% | 72.14% | 73.72% | 80.52% |
| Gross Profit Growth % | - | 39.56% | 2118.79% | -98.94% | 38.34% | 600.22% | -128.06% | -475.95% | 120.43% | 66.67% | 3.04% | -231.15% | -40.47% | 162.24% | -85.58% | 16.75% | -46.52% | -50.96% | - |
| Operating Expenses | 4.28M | 6.83M | 5.11M | 2.3M | 4.49M | 2.38M | 7.36M | 1.97M | 1.92M | 1.7M | 2.52M | 2.39M | 2.48M | 2.4M | 3.51M | 14.99M | 11.49M | 17.75M | 23.09M |
| OpEx % of Revenue | - | 15.45% | 14.64% | 7.36% | 7.27% | 5.5% | 62.61% | 12.58% | 11.08% | 11.75% | 28% | 18.77% | 9.4% | 8.14% | 10.91% | 42.16% | 39.82% | 33.6% | 23.42% |
| Selling, General & Admin | 5.23M | 3.83M | 4.89M | 2.05M | 4M | 2.37M | 2.7M | 1.88M | 1.92M | 1.78M | 2.23M | 2.02M | 2.48M | 2.52M | 3.44M | 3.59M | 3.69M | 5.03M | 4.11M |
| SG&A % of Revenue | - | 8.66% | 14.04% | 6.56% | 6.47% | 5.47% | 23% | 12.02% | 11.09% | 12.33% | 24.74% | 15.89% | 9.39% | 8.57% | 10.7% | 10.1% | 12.78% | 9.52% | 4.17% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -723K | 3M | 211K | 250K | 496K | 14K | 4.66M | 87K | -2K | -83K | -30K | -110K | 1K | -127K | 68K | 11.4M | 7.8M | 12.72M | 18.98M |
| Operating Income | 12.31M | 2.4M | 1.51M | -2M | 23.63M | 17.94M | -11.42M | -4.37M | -1.45M | -4.01M | -7.23M | -29.71M | 5.23M | 8.48M | -80.25M | 9.32M | 9.33M | 21.19M | 56.3M |
| Operating Margin % | 23.27% | 5.42% | 4.32% | -6.41% | 38.27% | 41.36% | -97.19% | -27.95% | -8.34% | -27.84% | -80.15% | -233.65% | 19.84% | 28.8% | -249.25% | 26.2% | 32.32% | 40.12% | 57.1% |
| Operating Income Growth % | - | 59.16% | 175.34% | -108.46% | 31.7% | 257.09% | -161.64% | -201.52% | 63.94% | 44.45% | 75.67% | -667.6% | -38.26% | 110.56% | -961.42% | -0.14% | -55.97% | -62.37% | - |
| EBITDA | 26.52M | 16.92M | 11.25M | 6.91M | 33.88M | 24.61M | -7.69M | 2.06M | 4.32M | 1.7M | -1.21M | -22.52M | 12.18M | 15.79M | -66.41M | 20.59M | 16.7M | 33.9M | 75.28M |
| EBITDA Margin % | 50.13% | 38.28% | 32.26% | 22.15% | 54.86% | 56.72% | -65.43% | 13.18% | 24.89% | 11.79% | -13.41% | -177.11% | 46.17% | 53.66% | -206.26% | 57.91% | 57.85% | 64.2% | 76.35% |
| EBITDA Growth % | 151.87% | 50.43% | 62.77% | -79.6% | 37.69% | 419.96% | -473.48% | -52.33% | 153.91% | 240.69% | 94.63% | -284.92% | -22.89% | 123.78% | -422.48% | 23.34% | -50.75% | -54.96% | - |
| D&A (Non-Cash Add-back) | 14.21M | 14.53M | 9.74M | 8.91M | 10.25M | 6.66M | 3.73M | 6.42M | 5.77M | 5.72M | 6.02M | 7.19M | 6.94M | 7.32M | 13.84M | 11.28M | 7.37M | 12.72M | 18.98M |
| EBIT | 13.16M | 2.4M | 6.46M | 9.47M | 26.55M | 17.51M | -13.31M | -32.31M | -1.54M | -4.25M | -7.27M | -29.73M | 5.25M | 9.1M | -79.55M | 9.6M | 7.99M | 20.28M | 56.3M |
| Net Interest Income | -6.36M | -6.44M | -3.26M | -1.56M | -1.99M | -2.55M | -4.14M | -4.66M | 2.03M | -2.22M | -2.67M | -2.77M | -2.13M | -3.53M | -3.27M | -2.77M | -1.89M | -1.89M | -6.76M |
| Interest Income | 708K | 1.53M | 2.77M | 2.63M | 375K | 8K | 16K | 47K | 2.03M | 3K | 5K | 8K | 12K | 41K | 47K | 52K | 247K | 1.03M | 946K |
| Interest Expense | 7.06M | 7.97M | 6.03M | 4.2M | 2.36M | 2.56M | 4.06M | 4.7M | 0 | 2.22M | 2.68M | 2.78M | 2.14M | 3.57M | 3.31M | 2.82M | 2.13M | 2.93M | 7.71M |
| Other Income/Expense | -5.58M | -4.14M | -1.07M | 7.27M | 648K | -2.99M | -5.95M | -31.98M | -2.12M | -2.46M | -370K | -22.94M | 217K | -994K | -8.5M | 378K | -3.33M | -29.37M | -13.48M |
| Pretax Income | 6.73M | -1.75M | 431K | 5.27M | 24.28M | 14.95M | -17.37M | -36.35M | -3.57M | -6.47M | -9.82M | -32.4M | 3.21M | 5.68M | -82.8M | 9.69M | 7.89M | -8.19M | 49.58M |
| Pretax Margin % | 12.72% | -3.95% | 1.24% | 16.89% | 39.32% | 34.46% | -147.81% | -232.68% | -20.56% | -44.89% | -108.95% | -254.79% | 12.18% | 19.29% | -257.18% | 27.26% | 27.34% | -15.5% | 50.28% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.56M | 2.67M | 2.14M | -3.75M | 3.26M | 2.39M | 3.33M | 31.27M | 13.48M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -26.04% | -8.24% | 66.53% | -65.99% | -3.94% | 24.66% | 42.16% | -381.99% | 27.19% |
| Net Income | 6.73M | -1.75M | 431K | 5.27M | 24.28M | 14.95M | -17.37M | -36.35M | -3.57M | -6.47M | -9.82M | -32.4M | 3.21M | 5.68M | -82.8M | 6.92M | 6M | -10.08M | 42.82M |
| Net Margin % | 12.72% | -3.95% | 1.24% | 16.89% | 39.32% | 34.46% | -147.81% | -232.68% | -20.56% | -44.89% | -108.95% | -254.79% | 12.18% | 19.29% | -257.18% | 19.47% | 20.8% | -19.08% | 43.43% |
| Net Income Growth % | 214.1% | -505.34% | -91.82% | -78.29% | 62.41% | 186.06% | 52.21% | -918.81% | 44.9% | 34.1% | 69.67% | -1108.59% | -43.42% | 106.86% | -1295.73% | 15.36% | 159.56% | -123.54% | - |
| Net Income (Continuing) | 6.73M | -1.75M | 431K | 5.27M | 24.28M | 14.95M | -17.37M | -36.35M | -3.57M | -6.47M | -9.82M | -32.4M | 3.21M | 5.68M | -82.8M | 6.92M | 6M | -10.08M | 42.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.31 | -0.08 | 0.02 | 0.26 | 1.18 | 1.01 | -18.11 | -873.36 | -111.60 | -251.47 | -3774.49 | -12625.10 | 1160.00 | 2080.00 | -32664.30 | 3160.00 | 3280.00 | -5605.67 | 923.36 |
| EPS Growth % | 210.4% | -504.31% | -91.96% | -77.97% | 16.83% | 105.58% | 97.93% | -682.58% | 55.62% | 93.34% | 70.1% | -1188.37% | -44.23% | 106.37% | -1133.68% | -3.66% | 158.51% | -707.09% | - |
| EPS (Basic) | - | -0.08 | 0.02 | 0.26 | 1.18 | 1.01 | -18.11 | -873.36 | -111.60 | -251.47 | -3774.49 | -12625.10 | 1160.00 | 2080.00 | -32664.30 | 3200.00 | 3320.00 | -5605.67 | 956.48 |
| Diluted Shares Outstanding | 21.58M | 20.68M | 20.58M | 20.58M | 20.58M | 14.81M | 959.16K | 41.62K | 31.97K | 25.75K | 2.6K | 2.57K | 2.56K | 2.55K | 2.54K | 2.19K | 1.83K | 1.8K | 46.37K |
| Basic Shares Outstanding | 21.58M | 20.68M | 20.58M | 20.58M | 20.58M | 14.81M | 959.16K | 41.62K | 31.97K | 25.75K | 2.6K | 2.57K | 2.56K | 2.55K | 2.54K | 2.17K | 1.81K | 1.8K | 44.77K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 12.14% | 2.87% | - | 73.73% | 33.05% | - | 43.16% |
Quick answers to the most common questions about buying GLBS stock.
For fiscal year 2025, Globus Maritime Limited (GLBS) reported total revenue of $44.2M. This represents a 55.2% decline compared to $98.6M in 2008.
Globus Maritime Limited (GLBS) reported a net loss of $1.7M for the fiscal year ending 2025.
Globus Maritime Limited (GLBS) reported an operating income of $2.4M, resulting in an operating profit margin of 5.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Globus Maritime Limited (GLBS) generated $9.2M in gross profit for the year, representing a gross profit margin of 20.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High cyclical revenue volatility
Revenue Growth Amidst Market Volatility
According to the latest quarterly data, GLBS achieved a 42.1% year-over-year revenue increase in 2026Q1, signaling a sharp recovery from the stagnant growth observed in mid-2025, though the durability of this top-line expansion remains highly dependent on the unpredictable fluctuations of global dry bulk spot rates.
The recent acceleration in revenue appears to be driven by a combination of improved fleet utilization and favorable shifts in the Baltic Dry Index. However, investors should monitor whether this growth is sustainable or merely a temporary byproduct of cyclical market conditions that could reverse if industrial demand in key regions like China softens.
Structural Margin Sensitivity and Pressure
As reported in financial statements, the company's gross margin reached 35.6% in 2026Q1, yet the historical inconsistency of these figures, including a negative margin period in 2024Q4, suggests that the firm lacks the pricing power necessary to consistently absorb rising vessel operating expenses and maintenance costs.
The wide variance in gross margins indicates that the company is highly susceptible to the spread between charter rates and fixed operating costs. This volatility implies that the current margin profile may not be structurally sound, leaving the bottom line vulnerable to even minor disruptions in fleet efficiency or bunker fuel price spikes.
Operating Leverage Constrained by Overhead
Based on the provided income statement data, operating income has shown significant swings, moving from a $1.7 million loss in 2025Q1 to a $2.2 million profit in 2026Q1, which highlights the difficulty of scaling SG&A expenses efficiently against a small, nine-vessel fleet in a cyclical industry.
The lack of consistent operating leverage suggests that administrative and overhead costs remain disproportionately high relative to the fleet's revenue-generating capacity. This indicates that the company may struggle to achieve meaningful economies of scale, as fixed costs continue to exert downward pressure on operating margins during periods of lower charter activity.
Earnings Quality and Non-Operating Noise
Analysis of the reported figures reveals that net income remains highly erratic, with the company swinging from a $1.9 million loss in 2025Q2 to a $1.1 million profit in 2026Q1, suggesting that bottom-line results are frequently distorted by non-operating items and the absence of consistent operational profitability.
The frequent shifts between net losses and gains warrant further investigation into the impact of vessel impairment charges and other non-cash adjustments that often obscure the underlying cash-generating ability of the business. Investors should be cautious, as the current EPS trajectory appears to be driven more by market-wide rate cycles than by internal operational improvements.
Sustainability of Current Growth Narrative
While recent revenue growth appears robust, a critical assessment of the income statement suggests that the company's inability to maintain positive net margins across all quarters indicates a fundamental mismatch between its cost structure and the inherent volatility of the dry bulk shipping market.
Short-term revenue gains may be masking the long-term risks associated with an aging fleet and the potential for future capital expenditures required to meet environmental regulations. The reliance on spot market performance without a clear path to consistent profitability suggests that the current valuation may be overly optimistic regarding the company's long-term earnings durability.