- TOP SHIPS INC. reported a significant increase in **net income to $7.563 million** for the six months ended **June 30, 2025**, up **290%** from **$1.939 million** in the same period of 2024, with **revenues** also increasing by **4% to $43.811 million**.  **[1296484_0001140361-25-037499_ef20050406_6k.htm:4]** **[1296484_0001140361-25-037499_ef20050406_6k.htm:11]** 
- The company completed the **spin-off of Rubico Inc.** on **August 1, 2025**, distributing Rubico shares to common stockholders, and concurrently entered into **$207.0 million** in sale and leaseback financing agreements to refinance existing facilities, expected to close in **October and November 2025**.  **[1296484_0001140361-25-037499_ef20050406_6k.htm:6]** **[1296484_0001140361-25-037499_ef20050406_6k.htm:23]** 
- As of **June 30, 2025**, the company had a **working capital deficit of $30.6 million**, but management anticipates covering liquidity needs for the next 12 months through cash on hand, operating activities, and the successful completion of refinancing.  **[1296484_0001140361-25-037499_ef20050406_6k.htm:8]** **[1296484_0001140361-25-037499_ef20050406_6k.htm:17]** 
- Following the acquisition of the M/Y Para Bellvm in **April 2025**, TOP SHIPS INC. now operates in two reportable segments: **tanker** and **megayacht**.  **[1296484_0001140361-25-037499_ef20050406_6k.htm:3]** **[1296484_0001140361-25-037499_ef20050406_6k.htm:22]**

TOP SHIPS INC. Reports Strong H1 2025 Results, Completes Spin-Off, and Secures Refinancing

- In **August 2025**, TOP Ships Inc. entered into **four sale and leaseback financing agreements** with a major Chinese financier for the refinancing of two VLCC tankers, one Suezmax tanker, and one MR product tanker.  **[1296484_0001171843-25-005892_f6k_091225.htm:1]** 
- These transactions are expected to generate **$207.0 million** in total proceeds.  **[1296484_0001171843-25-005892_f6k_091225.htm:1]** 
- Approximately **$179.8 million** of the proceeds will be used to repay existing financing facilities, with the remainder allocated for **general working capital** and potential **asset acquisitions**.  **[1296484_0001171843-25-005892_f6k_091225.htm:1]** 
- The agreements are anticipated to conclude in **October and November 2025**, pending fulfillment of conditions.  **[1296484_0001171843-25-005892_f6k_091225.htm:1]**

TOP SHIPS (TOPS)