Northern Ocean Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	37.51	42.75	54.35	67.49	5.46
Short-Term Investments	0.04	0.04	0.04	0.04	1.19
Cash & Short-Term Investments	37.55	42.79	54.39	67.53	6.65
Cash Growth	-12.25%	-21.33%	-19.46%	915.78%	-82.26%
Accounts Receivable	25.02	54.97	47.91	19.16	-
Other Receivables	3.37	0.6	0.62	3.91	4.51
Receivables	28.39	55.57	48.53	23.07	4.51
Inventory	-	0.34	-	0.49	-
Restricted Cash	0.17	0.14	0.14	5.43	10.15
Other Current Assets	1.06	3.67	29.13	38.29	2.45
Total Current Assets	67.17	102.5	132.19	134.8	23.76
Property, Plant & Equipment	439.86	929.07	923.59	917.71	953.76
Long-Term Deferred Tax Assets	-	-	-	-	0.04
Long-Term Deferred Charges	-	-	-	1.27	-
Total Assets	507.02	1,032	1,056	1,054	977.55
Accounts Payable	9.44	12.59	5.17	7.66	2.33
Accrued Expenses	37.64	17.57	43.48	27.33	4.21
Current Portion of Long-Term Debt	100	14.95	83.7	19.97	10
Current Portion of Leases	0.03	0.12	0.11	0.2	-
Current Unearned Revenue	0.11	3.97	14.74	22.22	1.92
Other Current Liabilities	12.26	17.76	11.02	1.98	1
Total Current Liabilities	159.47	66.95	158.22	79.36	19.46
Long-Term Debt	-	515.85	457.95	461.23	459.53
Long-Term Leases	-	-	-	0.16	-
Long-Term Unearned Revenue	2.5	2.61	2.72	6.24	2.93
Total Liabilities	161.97	585.4	618.89	546.98	481.92
Common Stock	151.61	151.61	91.34	90.81	63.8
Additional Paid-In Capital	580.99	580.21	565.61	565.18	488.33
Retained Earnings	-388.27	-285.6	-219.95	-149.05	-56.16
Comprehensive Income & Other	0.73	-0.05	-0.11	-0.15	-0.35
Shareholders' Equity	345.05	446.16	436.9	506.8	495.63
Total Liabilities & Equity	507.02	1,032	1,056	1,054	977.55
Total Debt	100.03	530.91	541.76	481.56	469.53
Net Cash (Debt)	-62.48	-488.13	-487.37	-414.03	-462.88
Net Cash Per Share	-0.21	-1.72	-2.67	-3.58	-7.25
Filing Date Shares Outstanding	303.22	303.22	182.68	181.62	103.8
Total Common Shares Outstanding	303.22	303.22	182.68	181.62	63.8
Working Capital	-92.31	35.55	-26.04	55.45	4.31
Book Value Per Share	1.14	1.47	2.39	2.79	7.77
Tangible Book Value	345.05	446.16	436.9	506.8	495.63
Tangible Book Value Per Share	1.14	1.47	2.39	2.79	7.77
Machinery	564.7	1,104	1,067	1,033	1,029
Order Backlog	-	415	-	-	-

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.