Nordic American Tankers (0UC0.L) Q1 2025 Earnings Report

In the quarter ended 2025-03-31, Nordic American Tankers Limited reported revenue of USD 37.95 million and net income of USD 4.25 million. Despite a challenging year-on-year revenue backdrop, gross margins held at ~21.6% with operating income of USD 10.85 million and EBITDA of USD 24.85 million, underscoring operating efficiency within a cyclical tanker market. Year-over-year revenue declined 35.96%, and gross profit fell 73.1% YoY, while QoQ revenue declined 18.2% but operating income rose 23.95% sequentially due to favorable expense management and higher EBIT relative to prior periods. Net income expanded QoQ by 227.9% even as the company faced a negative net cash from operating activities and a free cash flow (FCF) negative of USD -1.13 million for the quarter, reflecting working capital movements, capex, and dividend distributions.