Top Ships Inc. (TOPS)

Top Ships Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	10.66	5.03	6.07	18.95	8.62	-22.82
Depreciation & Amortization	23.34	23.15	23.58	21.86	15.63	13.75
Other Amortization	2.86	2.86	4.73	2.52	0.84	6.31
Loss (Gain) From Sale of Assets	-	-	-	-0.09	-	12.39
Asset Writedown & Restructuring Costs	-	-	-	-	1.16	-
Loss (Gain) From Sale of Investments	-	-	-	-	-	1.33
Loss (Gain) on Equity Investments	-0.16	-0.16	0.02	-0.65	-0.75	-0.71
Stock-Based Compensation	-	-	-	-0.02	-0.03	-0.03
Other Operating Activities	6.83	0.14	-	0.65	1.46	-0.54
Change in Accounts Receivable	-3.2	-3.2	-0.31	0.07	-0.08	0.64
Change in Inventory	-0.07	-0.07	0.11	-0.36	-0.16	0.33
Change in Accounts Payable	0.56	0.56	-0.5	-0.08	-0.12	-2.08
Change in Unearned Revenue	0.14	0.14	-0.42	3.37	1.58	-1.26
Change in Other Net Operating Assets	-11.14	-11.14	-4.34	-12.81	-12.09	-1.27
Operating Cash Flow	29.83	17.32	28.93	33.42	16.06	6.04
Operating Cash Flow Growth	31.87%	-40.13%	-13.42%	108.08%	165.91%	-68.53%
Capital Expenditures	-26.48	-24	-	-216.71	-115.51	-120.86
Sale of Property, Plant & Equipment	-	-	-	71.75	35.89	310.05
Investment in Securities	10.66	11.6	2.52	2.3	2.98	-7.9
Investing Cash Flow	-15.82	-12.4	2.52	-142.66	-76.65	181.29
Short-Term Debt Issued	-	28	-	9	-	-
Long-Term Debt Issued	-	153	82	156.2	74.8	60.2
Total Debt Issued	-	181	82	165.2	74.8	60.2
Short-Term Debt Repaid	-	-32.96	-	-9	-	-
Long-Term Debt Repaid	-	-133.99	-76.38	-68.89	-28.31	-269.62
Total Debt Repaid	-15.31	-166.95	-76.38	-77.89	-28.31	-269.62
Net Debt Issued (Repaid)	-15.31	14.05	5.62	87.31	46.49	-209.42
Issuance of Common Stock	-	-	13.57	27.27	-	129.66
Repurchase of Common Stock	-	-	-	-0.02	-	-
Preferred Dividends Paid	-	-	-6.01	-13.36	-1.78	-
Dividends Paid	-	-	-6.01	-13.36	-1.78	-
Other Financing Activities	-9.2	-3.38	-2.93	-5.24	-1.08	-72.95
Financing Cash Flow	-24.51	-33.25	-16.04	127.41	43.63	-177.28
Net Cash Flow	-10.83	-28.33	15.41	18.17	-16.96	10.06
Free Cash Flow	3.35	-6.68	28.93	-183.3	-99.45	-114.82
Free Cash Flow Margin	3.82%	-7.75%	34.88%	-227.25%	-176.44%	-190.66%
Free Cash Flow Per Share	0.72	-1.44	16.09	-725.02	-599.23	-1171.74
Cash Interest Paid	19.78	19.33	18.28	11.16	7.41	18.31
Levered Free Cash Flow	17.85	-14.61	42.44	-189.07	-61.41	-132.13
Unlevered Free Cash Flow	26.96	-3.79	49.8	-182.7	-57.88	-124.64
Change in Working Capital	-13.7	-13.7	-5.46	-9.81	-10.86	-3.64

Updated Oct 7, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q