Despite achieving a robust 95.8% gross margin in 2025Q4, the firm reported a -14.9% operating margin as SG&A expenses significantly outpaced gross profit generation.
| Sales/Revenue | 55.85M | 28.95M | 49.1M | 30.06M | 4.77M |
| Revenue Growth % | 92.93% | -41.04% | 63.31% | 530.56% | - |
| Cost of Goods Sold | 2.77M | 11.86M | 19.36M | 8.08M | 330.08K |
| COGS % of Revenue | 4.96% | 40.96% | 39.43% | 26.87% | 6.92% |
| Gross Profit | 53.08M | 17.09M | 29.74M | 21.99M | 4.44M |
| Gross Margin % | 95.04% | 59.04% | 60.57% | 73.13% | 93.08% |
| Gross Profit Growth % | 210.57% | -42.53% | 35.26% | 395.46% | - |
| Operating Expenses | 61.78M | 13M | 10.1M | 5.07M | 3.79M |
| OpEx % of Revenue | 110.62% | 44.91% | 20.57% | 16.86% | 79.53% |
| Selling, General & Admin | 19.26M | 12.9M | 10.1M | 5.06M | 2.91M |
| SG&A % of Revenue | 34.48% | 44.56% | 20.57% | 16.83% | 60.94% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 42.52M | 101.76K | 12.83K | 8.33K | 886.3K |
| Operating Income | -8.7M | 4.09M | 19.64M | 16.92M | 645.85K |
| Operating Margin % | -15.57% | 14.13% | 40% | 56.28% | 13.55% |
| Operating Income Growth % | -312.66% | -79.17% | 16.08% | 2519.56% | - |
| EBITDA | -8.62M | 4.15M | 19.65M | 16.94M | 823.29K |
| EBITDA Margin % | -15.44% | 14.34% | 40.03% | 56.35% | 17.27% |
| EBITDA Growth % | -307.71% | -78.88% | 16.01% | 1957.55% | - |
| D&A (Non-Cash Add-back) | 76.47K | 60.55K | 12.83K | 21.1K | 177.44K |
| EBIT | -8.64M | 3.82M | 20.93M | 16.93M | 1.35M |
| Net Interest Income | 188.38K | -1.4M | -435.1K | -743.71K | 81.13K |
| Interest Income | 188.38K | 506.14K | 938.34K | 7.72K | 81.13K |
| Interest Expense | 0 | 1.91M | 1.37M | 751.43K | 0 |
| Other Income/Expense | 61.13K | -2.18M | -85.1K | -737.52K | 418.84K |
| Pretax Income | -8.64M | 1.91M | 19.55M | 16.18M | 1.06M |
| Pretax Margin % | -15.47% | 6.61% | 39.83% | 53.82% | 22.33% |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -22.56M | 1.91M | 19.55M | 16.18M | 1.06M |
| Net Margin % | -40.39% | 6.61% | 39.83% | 53.82% | 22.33% |
| Net Income Growth % | -1279.08% | -90.21% | 20.85% | 1419.78% | - |
| Net Income (Continuing) | -8.64M | 1.91M | 19.55M | 16.18M | 1.06M |
| Discontinued Operations | -13.92M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | 0.03 | 0.34 | 0.28 | 0.02 |
| EPS Growth % | -1264.18% | -90.15% | 21.43% | 1405.38% | - |
| EPS (Basic) | -0.39 | 0.03 | 0.34 | 0.28 | 0.02 |
| Diluted Shares Outstanding | 58.2M | 57.1M | 57.1M | 57.1M | 57.1M |
| Basic Shares Outstanding | 58.2M | 57.1M | 57.1M | 57.1M | 57.1M |
| Dividend Payout Ratio | - | - | 127.85% | - | - |
Operating leverage and scalability
According to the latest quarterly income statement, HMR reported revenue of $40.7M in 2025Q4, representing a significant sequential increase, yet the underlying growth trajectory remains erratic as the firm struggles to maintain consistent top-line expansion across its asset-light maritime pooling service model during recent reporting periods.
The sharp revenue jump in 2025Q4 suggests a potential influx of new vessels or a major contract win, but the lack of sustained quarter-over-quarter growth indicates that the business model may be highly sensitive to client retention. Investors should monitor whether this revenue spike is a durable shift in scale or merely a transient benefit from volatile spot market conditions.
As reported in financial statements, HMR achieved a robust 95.8% gross margin in 2025Q4, confirming the firm's transition toward a high-margin, fee-based service model, though this efficiency is currently offset by substantial overhead costs that prevent the realization of meaningful bottom-line profitability for the company.
The high gross margin confirms that HMR successfully offloads voyage-related expenses to vessel owners, effectively operating as a pure-play service provider. However, the inability to convert this gross profitability into positive operating income suggests that the current administrative and corporate infrastructure is not yet optimized for the scale of the business.
Based on HMR's reported figures, the company's operating margin of -14.9% in 2025Q4 highlights a failure to achieve operating leverage, as SG&A expenses of $45.2M significantly outpaced the gross profit generated, indicating that the firm's fixed cost base is currently too heavy for its existing revenue scale.
The disconnect between high gross margins and negative operating income implies that the company is likely investing heavily in corporate overhead or customer acquisition. Unless management can demonstrate a path to reducing SG&A as a percentage of revenue, the current operating structure may continue to weigh on shareholder value.
Data from recent filings suggests that HMR's reliance on performance-based commissions creates significant earnings risk, as the -40.39% net margin observed in previous periods underscores the potential for rapid margin compression if vessel participation in the pools declines or if market volatility fails to materialize as expected.
Short-sellers would likely focus on the high switching costs for pool members and the potential for HMR to lose its competitive edge if larger, more established peers offer more attractive commission structures. The current negative net income suggests that the company's reliance on performance fees is a double-edged sword that may not provide the stability required for a long-term valuation premium.
Quick answers to the most common questions about buying HMR stock.
For fiscal year 2025, Heidmar Maritime Holdings Corp. (HMR) reported total revenue of $55.9M. This represents a 1071.4% increase compared to $4.8M in 2021.
Heidmar Maritime Holdings Corp. (HMR) reported a net loss of $22.6M for the fiscal year ending 2025.
Heidmar Maritime Holdings Corp. (HMR) reported an operating income of $-8.7M, resulting in an operating profit margin of -15.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Heidmar Maritime Holdings Corp. (HMR) generated $53.1M in gross profit for the year, representing a gross profit margin of 95.0%. This demonstrates the company's core pricing power and production efficiency.