$TOPS Cashflow Statement | Understand Stock

$TOPS

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated statements of cash flows

In millions of USD, except per-share amounts

	FY2025 12 months to Dec 31, 2025	FY2024 12 months to Dec 31, 2024	FY2023 12 months to Dec 31, 2023	FY2022 12 months to Dec 31, 2022	FY2021 12 months to Dec 31, 2021
Cash Flows from Operating Activities:
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Vessel depreciation
Other fixed assets depreciation
Equity losses/(gains) in unconsolidated joint ventures
Dividends from cumulative earnings of joint venture
Amortization of debt discount
Debt prepayment fees
Amortization and write off of deferred financing costs and debt discounts
Stock-based compensation expense
Change in fair value of derivative financial instruments
Amortization of Right of use assets from operating leases
Impairment on unconsolidated joint ventures
Impairment on vessels
Gain on sale of other fixed assets
Loss on sale of vessels
Gain on sale of vessels
(Increase)/Decrease in:
Trade accounts receivable
Inventories
Deposit asset
Due from related parties
Prepayments and other
Increase/(Decrease) in:
Due to related parties
Accounts payable
Other non-current liabilities
Accrued liabilities
Unearned revenue
Operating lease liabilities

Net Cash provided by Operating Activities
Cash Flows used in Investing Activities:
Vessel acquisitions
Investments in unconsolidated joint ventures (2017 Joint Venture – see Note 17)
Investments in unconsolidated joint ventures (2020 Joint Venture – see Note 17)
Investments in unconsolidated joint ventures (2017 Joint Venture - see Note 17)
Advances for vessels under construction (Note 4(b))
Advances for asset acquisition from related parties (Note 5)
Loan to related party (Note 5)
Repayment of loan from related party (Note 5)
Returns of investments in unconsolidated joint ventures (Note 16)
The 2020 Joint Venture
Total returns of investments in unconsolidated joint ventures (Note 16)

Net proceeds from vessel sales
(Acquisitions) / Sales of other fixed assets, net
Net proceeds from vessel/vessel construction contract sales (Note 5)
Net proceeds from sales of other fixed assets, net
Net Cash provided by/(used in) Investing Activities

Cash Flows from Financing Activities:
Proceeds from debt
Proceeds from short-term debt
Proceeds from related party debt
Principal payments and prepayments of related party debt
Principal payments and prepayments of debt
Prepayments of short-term debt
Redemption of preferred shares
Prepayment of short term debt
Consideration paid in excess of purchase price over book value of vessels
Proceeds from issuance of common stock
Proceeds from warrant exercises, net of fees
Equity offering issuance costs
Payment of financing costs
Derivative financial instrument termination payments
Dividends of preferred shares
Proceeds from issuance of preferred shares (Note 15)
Redemption of fractional shares due to reverse stock split
Consideration paid in excess of purchase price over book value of assets, net of cash assumed
Cash retained by Rubico Inc. on spin off
Payment of debt prepayment fees (Note 12)
Repayment of Vessel fair value participation liability
Net Cash used in Financing Activities

Effect of exchange rate changes on cash, cash equivalents, and restricted cash
Net increase/(decrease) in cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash at beginning of year
Cash and cash equivalents and restricted cash at end of the year
Cash breakdown
Cash and cash equivalents
Restricted cash, current
Restricted cash, non-current
SUPPLEMENTAL CASH FLOW INFORMATION
Capital expenditures included in Accounts payable/Accrued liabilities/Due to related parties
Interest paid, net of capitalized interest
Finance fees included in Accounts payable/Accrued liabilities/Due to related parties
Equity issuance costs included in liabilities
Beneficial conversion feature of Series E perpetual convertible preferred stock (Note 16)
Equity issuance costs and warrant related costs included in liabilities
Unpaid Excess of consideration over carrying value of acquired assets included in Due to Related Parties (Note 1)
Beneficial conversion feature of Series E perpetual convertible preferred stock
Settlement of related party debt, interest, finance fees, Excess consideration over acquired assets, capital expenditures and dividends with issuance of preferred shares (Note 15)
Dividends payable included in Due to related parties (Note 16)
Transfer of right of use asset balances after operating lease termination to Vessels, net
Dividends payable included in Due to related parties
Carrying value of net assets of companies acquired (Note 1)
Reversal of equity offering costs not payable
Deemed dividend equivalents on Series E Shares related to redemption value (Note 16)
Prepaid rent of Navigare Lease included in initial measurement
Deemed dividend equivalents on preferred shares related to redemption value (Note 15)
Deemed dividend on warrant inducement (Note 9)
Deemed dividend on Series E Shares conversion (Note 15)

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