Voim (VOIM) Q4 2025 earnings summary

Executive summary

• Revenues for Q4 2025 were USD 3.9 million, a significant decrease from USD 9.7 million in Q4 2024, with full-year revenues at USD 23.6 million versus USD 24.7 million in 2024.

• Q4 2025 saw a net loss of USD 8.8 million, compared to a profit of USD 8.1 million in Q4 2024; full-year net loss was USD 14.3 million versus a profit of USD 2.8 million in 2024.

• The Siem Day charter party and transaction agreement was terminated without payments or liabilities; the Atlantic Guardian was redelivered in October 2025.

• Backlog at year-end 2025 was USD 0.1 million, down sharply from USD 12.4 million at the end of 2024.

Financial highlights

• Q4 2025 EBITDA was negative USD 1.1 million; adjusted EBITDA was negative USD 1.3 million.

• Operating loss for Q4 2025 was USD 7.1 million, compared to an operating profit of USD 8.8 million in Q4 2024.

• Impairments in Q4 2025 included USD 3.9 million in long-term assets and USD 2.7 million in inventory.

• Net cash flow from operating activities in Q4 2025 was USD 0.5 million, up from negative USD 1.2 million in Q4 2024.

• Total borrowings at year-end 2025 were USD 19.8 million.

Outlook and guidance

• No vessel under charter or active survey operations as of Q4 2025; insufficient project pipeline to rig a vessel.

• Additional funding is expected to be required in the near term to sustain operations; any new financing may be highly dilutive.

• Management continues to evaluate strategic alternatives, including asset sales, partnerships, and restructuring.

• Market conditions remain challenging, but gradual improvement is anticipated if new contracts are secured.