Revenue surged 139.5% YoY to $87.1M in 2026Q2 with gross margin of 40.1% and operating margin of 37.9%, but these levels sit well above the ~30% ten-quarter median margin, suggesting peak-cycle freight conditions rather than normalized profitability.
Imperial Petroleum Inc. (IMPP) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 |
|---|
| Sales/Revenue | 241.35M | 161M | 147.48M | 183.73M | 97.02M | 17.36M | 20.3M | 13.33M | 109.97M | 5.66M | 1.07M | 1.85M | 1.14M | 3.44M | 2.96M | 1.93M | 94K | 0 | 0 | 0 | 115.24K | 60K | 15.96K |
| Revenue Growth % | 89.03% | 9.17% | -19.73% | 89.37% | 458.77% | -14.48% | 52.3% | -87.88% | 1843.33% | 429.37% | -42.37% | 62.29% | -66.72% | 15.89% | 53.42% | 1955.32% | - | - | - | -100% | 92.07% | 276.06% | - |
| Cost of Goods Sold | 151.21M | 114.8M | 97.08M | 110.35M | 64.38M | 19.71M | 19.93M | 13.01M | 96.79M | 5.13M | 985.75K | 1.49M | 744.06K | 1.29M | 1.43M | 793.66K | 0 | 0 | 0 | 0 | 110.53K | 69.15K | 31.9K |
| COGS % of Revenue | - | 71.3% | 65.83% | 60.06% | 66.36% | 113.49% | 98.19% | 97.58% | 88.01% | 90.62% | 92.21% | 80.27% | 65.1% | 37.58% | 48.25% | 41.08% | - | - | - | - | 95.91% | 115.25% | 199.93% |
| Gross Profit | 90.14M | 46.21M | 50.4M | 73.37M | 32.64M | -2.34M | 367.66K | 321.94K | 13.18M | 531.2K | 83.61K | 366K | 399.13K | 2.14M | 1.53M | 1.14M | 94K | 0 | 0 | 0 | -56.78K | -9.15K | -15.94K |
| Gross Margin % | 37.35% | 28.7% | 34.17% | 39.94% | 33.64% | -13.5% | 1.81% | 2.42% | 11.98% | 9.39% | 7.82% | 19.73% | 34.92% | 62.42% | 51.75% | 58.9% | 100% | - | - | - | -49.27% | -15.25% | -99.93% |
| Gross Profit Growth % | - | -8.32% | -31.31% | 124.8% | 1492.45% | -737.54% | 14.2% | -97.56% | 2381.19% | 535.34% | -77.16% | -8.3% | -81.38% | 39.77% | 34.8% | 1110.64% | - | - | - | 100% | -520.47% | 42.6% | - |
| Operating Expenses | 6.76M | 6.3M | 6.26M | 7.35M | 2.82M | 1.14M | 723.07K | 696.92K | 5.18M | 1.33M | 520.14K | 1.03M | 2.06M | 1.77M | 1.46M | 633.95K | 1.11M | 466.88K | 285.28K | 578.16K | 2.19M | 561.27K | 100.29K |
| OpEx % of Revenue | - | 3.92% | 4.24% | 4% | 2.91% | 6.58% | 3.56% | 5.23% | 4.71% | 23.59% | 48.66% | 55.8% | 179.79% | 51.56% | 49.26% | 32.81% | 1181.91% | - | - | - | 1898.58% | 935.44% | 628.58% |
| Selling, General & Admin | 4.48M | 4.62M | 6.57M | 6.54M | 1.77M | 614.79K | 723.07K | 696.92K | 4.3M | 1.14M | 383.1K | 758.27K | 1.91M | 989.51K | 577.65K | 400.5K | 1.11M | 466.88K | 285.28K | 570.01K | 839.39K | 561.27K | 93.43K |
| SG&A % of Revenue | - | 2.87% | 4.45% | 3.56% | 1.83% | 3.54% | 3.56% | 5.23% | 3.91% | 20.16% | 35.84% | 40.88% | 166.67% | 28.81% | 19.49% | 20.73% | 1181.91% | - | - | - | 728.36% | 935.44% | 585.6% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.41K | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.28M | 1.69M | -310.79K | 813.25K | 1.04M | 527.21K | 0 | 0 | 880.01K | 193.81K | 137.04K | 276.62K | 149.64K | 781.62K | 882.63K | 233.45K | 0 | 0 | 0 | 738 | 1.35M | 0 | 6.86K |
| Operating Income | 83.38M | 39.9M | 44.14M | 66.02M | 29.82M | -3.49M | -355K | -375K | 8.01M | -17.08M | -437K | -669K | -1.66M | 372.88K | 73.78K | 503.98K | -1.25M | -856K | -285K | -578K | -2.25M | -570K | -116.23K |
| Operating Margin % | 34.55% | 24.78% | 29.93% | 35.93% | 30.73% | -20.08% | -1.75% | -2.81% | 7.28% | -301.84% | -40.88% | -36.06% | -144.88% | 10.86% | 2.49% | 26.09% | -1327.66% | - | - | - | -1948.04% | -950% | -728.51% |
| Operating Income Growth % | - | -9.6% | -33.13% | 121.4% | 955.39% | -881.97% | 5.33% | -104.68% | 146.86% | -3808.7% | 34.68% | 59.6% | -544.11% | 405.37% | -85.36% | 140.38% | -45.79% | -200.35% | 50.69% | 74.25% | -293.86% | -390.39% | - |
| EBITDA | 114.69M | 65.83M | 61.13M | 81.65M | 42.11M | 5.19M | 8.29M | 8.24M | 8.89M | -16.89M | -53.81K | -44.88K | -671.37K | 2.16M | 1.54M | 971.67K | -311.89K | -820.52K | -182K | -577.26K | -2.24M | -570K | -109.38K |
| EBITDA Margin % | 47.52% | 40.89% | 41.45% | 44.44% | 43.4% | 29.88% | 40.83% | 61.8% | 8.08% | -298.44% | -5.03% | -2.42% | -58.74% | 62.91% | 51.92% | 50.29% | -331.8% | - | - | - | -1939.56% | -950% | -685.53% |
| EBITDA Growth % | 146.5% | 7.69% | -25.12% | 93.89% | 711.57% | -37.4% | 0.62% | -7.28% | 152.61% | -31284.8% | -19.9% | 93.32% | -131.07% | 40.43% | 58.36% | 411.54% | 61.99% | -350.84% | 68.47% | 74.17% | -292.14% | -421.13% | - |
| D&A (Non-Cash Add-back) | 31.31M | 25.93M | 16.99M | 15.63M | 12.29M | 8.67M | 8.64M | 8.61M | 880.01K | 192.52K | 383.19K | 624.12K | 984.63K | 1.79M | 1.47M | 467.69K | 936.11K | 35.48K | 0 | 738 | 9.78K | 0 | 6.86K |
| EBIT | 88.01M | 52.3M | 50.56M | 72.96M | 31.12M | -3.5M | -384K | -368K | 8.12M | -17.38M | 12.39M | -665K | -1.66M | 372.88K | 73.78K | 503.98K | -1.02M | -1.58M | -182K | -488K | -2.25M | -570K | -116.23K |
| Net Interest Income | 5.25M | 4.93M | 7.91M | 4.01M | -320K | -144K | -9.9K | -434 | -1.65M | -437K | -1.6M | -1.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.72M | 7.26M | 8.31M | 5.83M | 1.29M | 980 | 108 | 7.23K | 36.52K | 528 | 2.59K | 31.85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.47M | 2.32M | 398.32K | 1.82M | 1.61M | 145.01K | 10.01K | 7.66K | 1.69M | 437.23K | 1.6M | 1.92M | 1.59M | 3.8M | 2.77M | 1.68M | 73.28K | -35.48K | 90.92K | 60.45K | 0 | 0 | 0 |
| Other Income/Expense | 5.33M | 10.07M | 6.01M | 5.12M | -309K | -154K | -38.35K | -206 | -1.57M | -738K | 11.22M | -1.92M | -1.59M | -3.8M | -2.77M | -1.67M | -73.28K | 35.48K | -90.92K | -60.45K | 1.24M | 73.81K | 109.51K |
| Pretax Income | 88.71M | 49.98M | 50.16M | 71.13M | 29.51M | -3.64M | -394K | -375K | 6.43M | -17.82M | 10.79M | -2.59M | -3.24M | -3.43M | -2.7M | -1.17M | -1.32M | -820K | -376K | -639K | -1.01M | -497K | -6.73K |
| Pretax Margin % | 36.75% | 31.04% | 34.01% | 38.72% | 30.42% | -20.96% | -1.94% | -2.81% | 5.85% | -314.86% | 1008.89% | -139.57% | -283.81% | -99.77% | -90.96% | -60.61% | -1406.38% | - | - | - | -872.93% | -828.33% | -42.16% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 355K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5.52% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 88.71M | 49.98M | 50.16M | 71.13M | 29.51M | -3.64M | -394K | -375K | 6.08M | -17.82M | 10.79M | -2.59M | -3.24M | -3.43M | -2.7M | -1.17M | -312K | -820K | -376K | -639K | -1.01M | -497K | -6.73K |
| Net Margin % | 36.75% | 31.04% | 34.01% | 38.72% | 30.42% | -20.96% | -1.94% | -2.81% | 5.52% | -314.86% | 1008.89% | -139.57% | -283.81% | -99.77% | -90.96% | -60.61% | -331.91% | - | - | - | -872.93% | -828.33% | -42.16% |
| Net Income Growth % | 133.26% | -0.36% | -29.49% | 141.04% | 910.74% | -823.86% | -5.07% | -106.17% | 134.09% | -265.21% | 516.57% | 20.19% | 5.34% | -27.11% | -130.23% | -275.32% | 61.95% | -118.09% | 41.16% | 36.48% | -102.41% | -7289.24% | - |
| Net Income (Continuing) | 88.71M | 49.98M | 50.16M | 71.13M | 29.51M | -3.64M | -394K | -375K | 6.08M | -17.82M | 10.79M | -2.59M | -3.24M | -3.43M | -2.7M | -1.17M | -1.32M | -820K | -376K | -639K | -1.01M | -497K | -6.73K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 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 | 353.52K | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.84 | 1.29 | 1.40 | 2.93 | 2.88 | -11.89 | -1.24 | -1.20 | 3.21 | -14.85 | 9.60 | -2.38 | -4.24 | -4.70 | -3.86 | -0.49 | -0.19 | -0.74 | -0.43 | -0.69 | -1.57 | -1.21 | -0.01 |
| EPS Growth % | 78.5% | -7.86% | -52.22% | 1.74% | 124.22% | -858.87% | -3.33% | -137.38% | 121.62% | -254.69% | 503.36% | 43.87% | 9.79% | -21.76% | -687.76% | -157.89% | 74.32% | -72.09% | 37.68% | 56.05% | -29.75% | - | - |
| EPS (Basic) | - | 1.35 | 1.54 | 3.22 | 2.89 | -11.89 | -1.24 | -1.20 | 3.44 | -14.85 | 9.60 | -2.38 | -4.24 | -4.70 | -3.86 | -0.49 | -0.19 | -0.74 | -0.43 | -0.69 | -1.57 | -1.21 | -0.01 |
| Diluted Shares Outstanding | 48.13M | 36.23M | 33.01M | 22.93M | 8.59M | 318.35K | 318.35K | 2.63M | 1.89M | 1.2M | 1.22M | 1.09M | 765.85K | 729.8K | 697.67K | 2.38M | 1.65M | 1.11M | 876.33K | 921.7K | 641.8K | 409.25K | 890.47K |
| Basic Shares Outstanding | 45.35M | 34.5M | 29.93M | 18.6M | 8.56M | 318.35K | 318.35K | 318.35K | 1.77M | 1.2M | 1.11M | 1.09M | 765.85K | 729.8K | 697.67K | 2.38M | 1.65M | 1.11M | 876.33K | 921.7K | 641.8K | 409.25K | 890.47K |
| Dividend Payout Ratio | - | - | 3.46% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying IMPP stock.
For fiscal year 2025, Imperial Petroleum Inc. (IMPP) reported total revenue of $161.0M. This represents a 1009015.0% increase compared to $0.0M in 1997.
Imperial Petroleum Inc. (IMPP) is profitable, generating $50.0M in net income for the fiscal year ending 2025 with a net profit margin of 31.0%.
Imperial Petroleum Inc. (IMPP) reported an operating income of $39.9M, resulting in an operating profit margin of 24.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Imperial Petroleum Inc. (IMPP) generated $46.2M in gross profit for the year, representing a gross profit margin of 28.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Tanker cycle peak and mean reversion
Freight Cycle Drives Sharp Revenue Swings
Imperial Petroleum's quarterly revenue climbed from $26.2M in 2024Q4 to $87.1M in 2026Q2, with year-over-year growth reversing from -12.3% to +139.5%, a trajectory that appears consistent with a sharp product-tanker freight upcycle rather than durable structural share capture.
The revenue trajectory is essentially a mirror of charter rate volatility: three consecutive quarters of contraction in 2024 through early 2025 were followed by an accelerating recovery that inflected in 2025Q3 (+25.4%) and has since compounded to triple-digit growth. Investors should treat the current run-rate as cyclical in nature unless fleet expansion or long-term charter coverage is separately evidenced, since the company appears to be a price-taker in the spot and short-term fixture market.
Fixed Cost Base Amplifies Margin Swings
Gross margin oscillated between a trough of 23.2% in 2024Q3 and 45.9% in 2026Q1 before easing to 40.1% in 2026Q2, suggesting that Imperial Petroleum's vessel operating costs are largely fixed against a highly variable revenue line.
The wide margin band — over 2,200 basis points of range across ten quarters — indicates limited pricing power in the traditional sense and instead points to pure operating-rate leverage. Notably, the 2026Q1-to-2026Q2 margin compression from 45.9% to 40.1% despite a 41% revenue increase implies that the incremental revenue in the most recent quarter came at a lower margin, possibly reflecting a shift in voyage mix or higher bunker/operating costs that warrants closer scrutiny.
Static Overhead Magnifies Operating Leverage
SG&A has remained inside a tight $1.1M–$1.9M band across all ten reported quarters while gross profit expanded from $7.7M to $34.9M, driving operating margin from 18.3% to 37.9% without any incremental overhead investment.
This near-perfect operating leverage is characteristic of a small fleet operator whose corporate overhead is de minimis relative to voyage economics, and it means earnings swing violently with freight rates in both directions. The 2024Q2-to-2024Q3 episode — where a $15.5M drop in gross profit cut operating income by two-thirds — demonstrates that the same leverage operates punitively in downcycles. With R&D at zero throughout, the model offers no offsetting investment-driven growth to cushion a rate downturn.
Non-Operating Items Flatter Net Income
In 2025Q2, Imperial Petroleum reported net income of $12.8M against operating income of $8.2M, with net margin of 35.1% exceeding operating margin of 22.5%, indicating that non-operating contributions materially supported the bottom line in that period.
Similar gaps appear in 2025Q1 ($11.3M net vs. $7.8M operating) and 2024Q2, which suggests a recurring but irregular source of below-the-line income — potentially vessel disposals, derivatives, or interest items, though the specific drivers are not disclosed in the data provided. Analysts should discount reported EPS growth of 105.9% in 2026Q2 accordingly, since the divergence between operating and net performance indicates that headline earnings are not a clean read-through of core operating economics. The cessation of reported stock-based compensation after 2025Q3 further complicates period-over-period comparability.
2025Q4 Broke the Contraction Pattern
2025Q4 marked the operational turning point, as year-over-year revenue growth returned to +95.1% and gross margin recovered to 30.4% from 27.4%, ending three consecutive quarters of contraction and setting the stage for the 2026 acceleration.
The inflection is meaningful because it coincided with margin expansion, not just volume recovery — gross profit nearly doubled quarter-over-quarter from $11.3M to $15.6M, indicating the company was capturing genuine rate improvement rather than simply filling capacity. The lasting impact appears to be a reset of the earnings base: two consecutive quarters above 40% gross margin have structurally lifted the trailing profitability profile, though the sustainability of that reset remains entirely contingent on the freight cycle holding.
Near-Cycle-Peak Earnings Carry Reversion Risk
At 40.1% gross margin in 2026Q2 versus a ten-quarter median near 30%, and with revenue growth of +139.5%, Imperial Petroleum appears to be running near the top of the tanker cycle, where historical mean reversion typically compresses both rates and reported earnings.
The strongest bear case rests on the company's own history: the 2024Q2 gross margin of 40.9% was followed within two quarters by a collapse to 23.2%, and revenue fell by more than half in the intervening periods. A repeat of that pattern from the current base would imply materially lower absolute earnings even before considering the elimination of the non-operating items that padded 2025 net income. For a company of this scale — with quarterly SG&A under $1.2M and no R&D — the absence of diversifying revenue streams means the income statement is essentially a leveraged bet on spot tanker rates, which investors should price accordingly.