Filing Flows › Pangaea Logistics Solutions (PANL) › Q1 2025
Pangaea Logistics Solutions (PANL) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Pangaea Logistics Solutions (PANL) reported revenue of $123M for the first quarter 2025 (Q1 2025), +17% from a year earlier and -17% from the quarter before. Operating margin was 2.4%, net loss $2.2M (1.8% of revenue).
Pangaea Logistics Solutions, Q1 2025: revenue $123M (+17% year over year), operating margin 2.4%, net loss $2.2M, operating cash flow −$4.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $123M | -17% | +17% |
| Operating profit | $2.9M | — | — |
| Net earnings | −$2.2M | — | — |
| Operating cash flow | −$4.4M | — | — |
What changed
Revenue was $122.8M in Q1 2025, up 17% year over year and down 17% from the previous quarter. Voyage revenue was the largest line at 89% of revenue. Voyage revenue added $22.4M year over year (up 26%), 124% of the total change. Charter revenue declined 34%.
Operating profit was $2.9M, a 2.4% margin (down 8.1 points year over year). Operating profit fell $8.1M even though revenue rose $18.1M versus a year earlier, so costs grew faster than sales. Total costs grew 28% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+30%). The quarter ended with a net loss of $2.2M, after a profit of $9.1M the previous quarter. Minority interests bore $218K of it: to shareholders the quarter was a loss of $2.0M. Net interest and other expense of $5.1M was the main reason.
Operating cash flow was −$4.4M. Non-cash charges added back $9.9M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items used $13.6M. Capital expenditures of $402K exceeded it, leaving free cash flow of −$4.8M.
Questions
What was Pangaea Logistics Solutions' revenue in the first quarter 2025?
Pangaea Logistics Solutions (PANL) reported revenue of $123M for the first quarter 2025 (Q1 2025), +17% from a year earlier and -17% from the quarter before.
Was Pangaea Logistics Solutions profitable in the first quarter 2025?
Operating profit was $2.9M (2.4% of revenue) and net loss $2.2M.