Heidmar Maritime Holdings Corp.

Thank you for standing by, ladies and gentlemen, and welcome to the HIDMAR conference call on the fourth quarter 2025 financial results. We have with us Mr. Pankaj Khanna, Chief Executive Officer, and Ms. Nikki Pothieu, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session, at which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. Please be reminded that the company announced their results with a press release that has been publicly distributed. Before passing the floor to Mr. Khanna, I would like to remind everyone that in today's presentation and conference call, Hydemar will be making forward-looking statements. These statements are within the meaning of the federal securities laws. Matters discussed may be forward-looking statements which are based on current management expectations and involve risks and uncertainties that may result in such expectations not being realized. And now I'd like to pass the floor to Mr. Khanna. Please go ahead, sir.

Thanks, operator. Good day to everyone and welcome to the fourth quarter and full year 2025 earnings call for Heisman Maritime. Nicky for Cure will walk through the results for Q4 and Fall 2025. I hand over to Nicky.

Thank you, Pankaj. I will now present the three-month and 12-month results for Hydemore for the year ended December 31, 2025. For the three-month period ended December 31, 2025, Hydemore realized a consolidated net loss from continuing operations of $4 million compared to $1.1 million for the three months ended December 31, 2024. The net loss from continuing operations includes the amortization of the shares awarded to employees and members of the board under the equity incentive plan of 0.7 million. These shares are amortized over a two or four year period and are included in GNA. Total revenues were 25.1 million compared to 5.3 million for the corresponding period in 2024. The increase of 19.8 million was driven by growth in the managed fleet and the increased number of vessels that commenced short-term voyage and time charter contracts during the third and fourth quarters, and the revenues earned from the PSVA supplier, which commenced operations in April 2025. The impact on revenue of the charter end vessels will continue in the first quarter of 2026. As of now, the market focus for the tanker freight rates and the impact of the rule looks strong, and Pankaj will talk more about it. Our G&A expenses were $5.2 million for the three months ended December 31, 2025, compared to $3.3 million for the corresponding period in 2024. The increase of $1.9 million was mainly as a result of the one-off costs, such as legal printers and auditor fees, which were incurred in relation to the listing, and $0.7 million in the non-cash amortization of the stock-based compensation under the equity incentive plan. For the year ended December 31, 2025, the company realized a consolidated net loss from continuing operations of $8.6 million as compared to a consolidated net income of $1.9 million for the corresponding period in 2024. Continuing operations exclude the impact of the flagpole business Americana Liberty that was sold in the second quarter. The loss generated includes $5 million relating to the amortization of non-cash stock-based compensation and $3.9 million in unrealized non-cash expense relating to the fair value of the earnouts. The net loss of $22.6 million for the year ended December 31, 2025, includes $13.9 million net loss from discontinued operations, which comprises, one, the goodwill impaired on disposal of Americana Liberty, a non-cash item of $11.2 million, two, the loss realized on the sale of the subsidiary of $1.7 million, and three, the operating loss incurred by Americana Liberty during the period of $1 million. Total revenues were 55.9 million for the year ended December 31, 2025, compared to 29 million for the corresponding period in 2024. The increase of 26.9 million is driven by the growth in the managed fleet improved freight rates, increased number of vessels that commenced short-term voyage and time-charter contracts during the third and fourth quarters, and the revenues earned from the PSVA supplier, which commenced operations in April 2025. Our G&A expenses were $18.5 million for the year ended December 31, 2025, compared to $12.9 million for the year ended December 31, 2024. The increase of $5.6 million is mainly due to one of the costs which were incurred by the company when we listed in NASDAQ costs related to Americana liberty, various filings made with the SEC that were required subsequent to the listing, and the $5 million for the amortization of the stock-based compensation under the equity incentive plan and the non-cash bonus awarded to certain executives. As of December 31, 2025, the company has sold 215,000 shares, generating approximately 271,000 in net proceeds under the purchase agreement with B. Reilly that was announced in June 2025. Upon cancellation of the moral with respect to the acquisition of the container vessel A Obelix, the deposit of 2.5 million plus interest was returned to the company. I now hand over to Pankaj to continue the presentation.