Revenue growth of 38.9% in 2026Q1 highlights strong market capture, yet operating margins remain constrained at 6.3% due to high sensitivity to variable voyage costs.
| 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 |
|---|
| Sales/Revenue | 679.82M | 632.04M | 536.54M | 499.27M | 699.71M | 718.1M | 382.9M | 412.2M | 372.97M | 385.95M | 238.02M | 287.33M | 398.28M | 392.47M | 387.06M |
| Revenue Growth % | 22.58% | 17.8% | 7.46% | -28.65% | -2.56% | 87.55% | -7.11% | 10.52% | -3.36% | 62.15% | -17.16% | -27.86% | 1.48% | 1.4% | - |
| Cost of Goods Sold | 600.15M | 563.03M | 463.46M | 430.13M | 570.77M | 620.27M | 344.75M | 362.22M | 319.56M | 345.48M | 212.35M | 245.85M | 380.38M | 359.49M | 349.21M |
| COGS % of Revenue | - | 89.08% | 86.38% | 86.15% | 81.57% | 86.38% | 90.04% | 87.88% | 85.68% | 89.52% | 89.22% | 85.56% | 95.51% | 91.6% | 90.22% |
| Gross Profit | 79.67M | 69.02M | 73.08M | 69.14M | 128.94M | 97.84M | 38.14M | 49.97M | 53.42M | 40.46M | 25.67M | 41.49M | 17.9M | 32.98M | 37.85M |
| Gross Margin % | 11.72% | 10.92% | 13.62% | 13.85% | 18.43% | 13.62% | 9.96% | 12.12% | 14.32% | 10.48% | 10.78% | 14.44% | 4.49% | 8.4% | 9.78% |
| Gross Profit Growth % | - | -5.56% | 5.7% | -46.38% | 31.79% | 156.5% | -23.67% | -6.44% | 32.01% | 57.66% | -38.13% | 131.81% | -45.74% | -12.86% | - |
| Operating Expenses | 33.82M | 31.07M | 24.63M | 24.52M | 23.43M | 18.97M | 18.45M | 26.71M | 17.34M | 24.44M | 12.77M | 20.96M | 20.39M | 11.6M | 17.41M |
| OpEx % of Revenue | - | 4.92% | 4.59% | 4.91% | 3.35% | 2.64% | 4.82% | 6.48% | 4.65% | 6.33% | 5.37% | 7.29% | 5.12% | 2.96% | 4.5% |
| Selling, General & Admin | 33.82M | 31.07M | 24.63M | 22.78M | 20.1M | 18.97M | 15.92M | 17.38M | 16.48M | 15.16M | 12.77M | 14.97M | 12.83M | 11.6M | 11.03M |
| SG&A % of Revenue | - | 4.92% | 4.59% | 4.56% | 2.87% | 2.64% | 4.16% | 4.22% | 4.42% | 3.93% | 5.37% | 5.21% | 3.22% | 2.96% | 2.85% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 1.74M | 3.33M | 0 | 2.53M | 9.34M | 860.43K | 9.28M | 0 | 5.99M | 7.56M | 45.94K | 0 |
| Operating Income | 45.84M | 37.94M | 48.45M | 44.62M | 105.51M | 78.87M | 19.7M | 23.26M | 36.07M | 16.03M | 12.89M | 20.53M | -2.49M | 21.38M | 19.64M |
| Operating Margin % | 6.74% | 6% | 9.03% | 8.94% | 15.08% | 10.98% | 5.14% | 5.64% | 9.67% | 4.15% | 5.42% | 7.14% | -0.63% | 5.45% | 5.08% |
| Operating Income Growth % | - | -21.68% | 8.59% | -57.71% | 33.77% | 300.43% | -15.31% | -35.52% | 125.07% | 24.31% | -37.19% | 923.02% | -111.66% | 8.86% | - |
| EBITDA | 90.27M | 80.42M | 78.82M | 74.69M | 135M | 101.85M | 36.75M | 41.79M | 53.69M | 31.64M | 27M | 33.26M | 9.17M | 31M | 26.32M |
| EBITDA Margin % | 13.28% | 12.72% | 14.69% | 14.96% | 19.29% | 14.18% | 9.6% | 10.14% | 14.4% | 8.2% | 11.34% | 11.57% | 2.3% | 7.9% | 6.8% |
| EBITDA Growth % | 23.3% | 2.02% | 5.54% | -44.67% | 32.55% | 177.12% | -12.05% | -22.17% | 69.69% | 17.19% | -18.82% | 262.51% | -70.4% | 17.76% | - |
| D&A (Non-Cash Add-back) | 44.43M | 42.48M | 30.38M | 30.07M | 29.49M | 22.97M | 17.06M | 18.53M | 17.62M | 15.61M | 14.11M | 12.73M | 11.67M | 9.61M | 6.68M |
| EBIT | 51.05M | 37.94M | 51.95M | 46.03M | 107.93M | 83.89M | 20.52M | 26.33M | 32.88M | 17.37M | 14.9M | 19.22M | -7.42M | 21.38M | 20.45M |
| Net Interest Income | -20.56M | -22.37M | -17.15M | -13.92M | -21.49M | -11.51M | -7.83M | -9.28M | -8.9M | -8.27M | -5.74M | -5.86M | -6.23M | 0 | 0 |
| Interest Income | 3.24M | 1.63M | 3.02M | 3.57M | 932.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.53M |
| Interest Expense | 23.8M | 24.01M | 20.18M | 17.49M | 22.42M | 11.51M | 7.83M | 9.28M | 8.9M | 8.27M | 5.74M | 5.86M | 6.23M | 7.02M | 0 |
| Other Income/Expense | -9.81M | -17.78M | -13.58M | -15.62M | -13.28M | -6.5M | -7M | -6.21M | -12.09M | -6.93M | -3.73M | -7.16M | -11.15M | -5.87M | -3.73M |
| Pretax Income | 36.03M | 20.17M | 34.87M | 29M | 92.23M | 72.37M | 12.69M | 17.05M | 23.98M | 9.1M | 9.16M | 13.37M | -13.65M | 15.51M | 15.91M |
| Pretax Margin % | 5.3% | 3.19% | 6.5% | 5.81% | 13.18% | 10.08% | 3.31% | 4.14% | 6.43% | 2.36% | 3.85% | 4.65% | -3.43% | 3.95% | 4.11% |
| Income Tax | 0 | 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% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 34.64M | 19.37M | 28.9M | 26.32M | 79.49M | 67.23M | 11.35M | 11.66M | 17.76M | 7.81M | 7.46M | 11.28M | -12.13M | 15.45M | -2.69M |
| Net Margin % | 5.1% | 3.06% | 5.39% | 5.27% | 11.36% | 9.36% | 2.96% | 2.83% | 4.76% | 2.02% | 3.13% | 3.92% | -3.05% | 3.94% | -0.69% |
| Net Income Growth % | 127.2% | -32.99% | 9.8% | -66.89% | 18.24% | 492.19% | -2.62% | -34.35% | 127.28% | 4.77% | -33.87% | 192.97% | -178.49% | 675.1% | - |
| Net Income (Continuing) | 36.03M | 20.17M | 34.87M | 29M | 92.23M | 72.37M | 12.69M | 17.05M | 23.98M | 9.1M | 9.16M | 13.37M | -13.65M | 15.51M | 15.91M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 45.77M | 45.4M | 46.84M | 46.31M | 54.5M | 53.48M | 51.67M | 72.83M | 71.68M | 65.3M | 60.41M | 57.1M | 2.53M | 20.48M | 3.2M |
| EPS (Diluted) | 0.53 | 0.30 | 0.63 | 0.58 | 1.76 | 1.50 | 0.26 | 0.05 | 0.42 | 0.20 | 0.21 | 0.32 | -0.65 | 1.15 | -30.77 |
| EPS Growth % | 63.83% | -52.38% | 8.62% | -67.05% | 17.33% | 476.92% | 445.07% | -88.64% | 110% | -4.76% | -34.38% | 149.23% | -156.52% | 103.74% | - |
| EPS (Basic) | - | 0.30 | 0.64 | 0.59 | 1.79 | 1.53 | 0.26 | 0.05 | 0.42 | 0.20 | 0.21 | 0.32 | -0.65 | 1.15 | -30.77 |
| Diluted Shares Outstanding | 64.78M | 64.7M | 46.05M | 45.48M | 45.06M | 44.85M | 43.82M | 43.27M | 42.78M | 38.93M | 35.38M | 34.96M | 18.73M | 13.42M | 87.33K |
| Basic Shares Outstanding | 64.19M | 63.8M | 45.39M | 44.77M | 44.4M | 44M | 43.42M | 42.75M | 42.25M | 38.41M | 35.16M | 34.78M | 18.73M | 13.42M | 87.32K |
| Dividend Payout Ratio | - | 84.17% | 64.73% | 68.77% | 16.88% | 8.23% | 4.71% | 69.4% | 12.78% | 12.82% | 1.34% | 0.89% | - | 0.65% | - |
Volatile Voyage Expense Exposure
According to recent financial disclosures, PANL achieved a notable 38.9% year-over-year revenue growth in 2026Q1, significantly outperforming the broader dry bulk sector which has largely faced contraction, suggesting that the company's specialized logistics model and ice-class fleet are successfully capturing market share in niche industrial trade lanes.
The acceleration in revenue appears to be driven by the company's ability to secure high-value contracts of affreightment rather than relying on volatile spot market rates. Investors should monitor whether this growth is sustainable or if it reflects a temporary surge in seasonal Arctic shipping demand that may normalize in subsequent quarters.
As reported in quarterly income statements, PANL's gross margin has fluctuated significantly, reaching a low of 6.9% in 2025Q2 before recovering to 12.2% in 2026Q1, indicating that the company's asset-light logistics model remains highly sensitive to the spread between charter-in costs and realized voyage revenue.
The inability to maintain double-digit gross margins consistently suggests that rising bunker fuel costs and port charges are frequently eroding the value added by the logistics desk. This margin volatility warrants further investigation into the company's ability to pass through inflationary cost pressures to its industrial client base.
Based on the provided income statement data, operating income has failed to scale linearly with revenue growth, as evidenced by an operating margin of 6.3% in 2026Q1 despite a 38.9% revenue increase, which implies that the company's cost structure is heavily weighted toward variable voyage expenses rather than fixed overhead.
The lack of significant operating leverage suggests that the company's profitability is tethered to the efficiency of its chartering desk rather than economies of scale. Analysts should consider whether the current SG&A discipline is sufficient to protect the bottom line during periods of industry-wide rate compression.
Financial filings reveal that PANL's net income has experienced extreme quarterly swings, including a net loss of $2.7 million in 2025Q2 followed by a $13.3 million profit in 2026Q1, which highlights the inherent difficulty in forecasting earnings for a business model reliant on complex, multi-leg logistics contracts.
The presence of stock-based compensation and lumpy non-operating items suggests that headline EPS may not always reflect the underlying cash-generating capability of the fleet. Investors should be wary of the potential for future earnings misses if the company's reliance on third-party vessel chartering continues to amplify bottom-line sensitivity to fuel price spikes.
Quick answers to the most common questions about buying PANL stock.
For fiscal year 2025, Pangaea Logistics Solutions, Ltd. (PANL) reported total revenue of $632.0M. This represents a 63.3% increase compared to $387.1M in 2012.
Pangaea Logistics Solutions, Ltd. (PANL) is profitable, generating $19.4M in net income for the fiscal year ending 2025 with a net profit margin of 3.1%.
Pangaea Logistics Solutions, Ltd. (PANL) reported an operating income of $37.9M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Pangaea Logistics Solutions, Ltd. (PANL) generated $69.0M in gross profit for the year, representing a gross profit margin of 10.9%. This demonstrates the company's core pricing power and production efficiency.