Heidmar Maritime Holdings Corp. (HMR)
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As of April 30, 2026 Heidmar commercially runs 50 tankers and bulkers, roughly 6.5 million deadweight tons. The Piraeus-based manager owns none of them. It reached Nasdaq in February 2025 not through an IPO but by acquiring a company that was already listed — and the annual report calls the resulting $11.08 million of goodwill the value of the listing itself, in as many words. Four months later it was written off. Revenue rose 93 percent in 2025 to $55.85 million; the bottom line showed a $22.56 million loss. Two shareholders hold 89 percent of the stock. Before you buy a fleet, find out who owns the ship you are sailing on.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralKein wesentlicher KI-Bezug: In allen ausgewerteten Filings — Jahresbericht 20-F für 2025, Prospekt-Nachtrag POS AM, Prospekt 424B3 und beide Ergebnis-Mitteilungen — kommt kein einziger Treffer für „artificial intelligence“, „machine learning“, „generative“ oder „AI“ vor; die einzige benannte eigene Technologie ist die Berichts- und Abrechnungsplattform eFleetWatch.
View the full file — quotes, sources, reviewed filings
„Established in the early 1990s, eFleetWatch® is Heidmar’s market-facing digital platform in the commercial management space and has been a pillar of Heidmar’s brand for over two decades, with over 18 years of in-house development."
eFleetWatch® wurde in den frühen 1990er-Jahren aufgesetzt und ist Heidmars marktseitige digitale Plattform im kommerziellen Management; sie ist seit über zwei Jahrzehnten eine Säule der Marke Heidmar, mit mehr als 18 Jahren hauseigener Entwicklung.
„eFleetWatch® also provides port agents, brokers and employees with tools to monitor, track and manage vessels on a real-time basis. The system empowers Heidmar’s chartering and operations staff with a proprietary inhouse vessel management capability."
eFleetWatch® stellt außerdem Hafenagenten, Maklern und Beschäftigten Werkzeuge bereit, um Schiffe in Echtzeit zu überwachen, zu verfolgen und zu steuern. Das System gibt Heidmars Befrachtungs- und Betriebsmannschaft eine hauseigene Schiffsmanagement-Funktion an die Hand.
Filings Reviewed: 20-F 2026-04-30 · 20-F 2025-05-15 · POS AM 2026-06-01 · 424B3 2026-03-24 · 6-K 2026-05-28 · 6-K 2026-03-24
Rated on July 30, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | 0.02 | – | 6 | -32.40 | -103.40 | 5 | 5 |
| 2025: Q2 | 0.01 | – | 10 | 22.50 | -143.30 | -4 | -4 |
| 2025: Q3 | 0.03 | – | 16 | 117.20 | 7.50 | – | – |
| 2026: Q1 | 0.06 | 200.00 | 18 | 214.40 | 15.20 | 16 | 14 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Asset-light and capital-efficient: Heidmar owns none of the 50 vessels it managed as of April 30, 2026, carries neither newbuilding finance nor residual value risk, and reports no conventional financial debt. The price of that model is a thin earnings base — fee income was $12.33 million in 2025 while administration cost $19.26 million.
Revenue rose 93 percent in 2025 to $55.85 million, yet operating income turned to minus $4.88 million (2023: plus $19.64 million). The reason is the shift: fees fell from $18.72 million (2023) to $12.33 million, while $43.52 million of charter revenue left only about $1.76 million, or 4.0 percent gross margin (our own calculation from the 2025 income statement).
At March 31, 2026 cash of $27.55 million stood against shareholders equity of $14.18 million, with $6.56 million of cash from operations in the quarter. The structure is the burden: $40.28 million of the December 31, 2025 balance sheet is a right-of-use asset from a five-year charter with a related party, offset by an equally large lease liability.
Two shareholders each held 44.5 percent as of April 29, 2026, together 89.0 percent; the non-affiliate float was 6,498,572 of 58,991,997 shares on May 20, 2026. At the same time Capital Maritime, which per the annual report is owned by the father of the indirect owner of one of those shareholders, supplies 25 of the 49 pool vessels and 37 percent of 2025 pool revenue.
Agreed or registered are 5,354,022 earnout shares, 1,961,172 share awards and 11,080,332 shares for a $20 million equity line — arithmetically 77.39 million shares, or 31 percent more, with no preemptive rights and authorized capital of 450 million shares. In parallel, the Nasdaq minimum bid price deadline runs to October 19, 2026.
The first quarter of 2026 was the best since the listing: $18.35 million of revenue after $5.84 million a year earlier, $2.78 million of net income after a $6.03 million loss, administrative expenses cut from $6.09 million to $3.56 million, and cash raised from $18.65 million to $27.55 million. Eight vessels traded on voyage or time charter in the quarter, against one a year before.
Heidmar Maritime is a ship manager without ships: 50 tankers and bulkers under commercial management as of April 30, 2026, but the high-margin fee base has shrunk since 2023 from $18.72 million to $12.33 million, while revenue growth comes from a chartering business with roughly 4.0 percent gross margin. The Nasdaq listing arrived in 2025 through a combination with the listed MGO Global; the $11.08 million of goodwill booked at the time — described in the notes as the value of the listing itself — was written off four months later and drove much of the $22.56 million annual loss. Two shareholders hold 89.0 percent, the largest pool customer belongs to the family of one of them, and the Nasdaq minimum bid price deadline runs to October 19, 2026. The first quarter of 2026, with $2.78 million of net income, shows the model can work. Not investment advice.
- Heidmar reached our research list through a review of Nasdaq-listed small caps without an existing deep dive. The stock appeared in none of our scanners on July 30, 2026 — the lists are recomputed daily, but with trading starting on February 20, 2025 and only two annual reports on file, the history that momentum, valuation or quality filters need is missing.
- Heidmar reports as a foreign private issuer on Forms 20-F and 6-K; there is no quarterly report on Form 10-Q. Quarterly figures appear voluntarily as an exhibit to a 6-K — the first quarter 2026 numbers come from the May 28, 2026 release and are unaudited, while the 2025 annual figures come from the audited annual report filed April 30, 2026.
- Not to be confused: HMR is not Heidmar Inc., the operating subsidiary founded in 1984, and not the former U.S. company MGO Global Inc., whose listing provided the route to market. Valuation figures are dated and evergreen: the anchor is the $1.14 closing price documented in the prospectus supplement on May 28, 2026; daily prices are not a buy argument.
About the Company
Heidmar Maritime Holdings Corp., a commercial and technical management company, operates tanker and dry-bulk vessel pools worldwide. It offers asset management, tanker pooling, and commercial and time charters services; and provides assistance to clients with the buying and selling of ships and technical management services for individual vessels, which includes assistance in technical operations and crewing of the vessel. The company also develops and operates eFleetWatch, a digital platform in the commercial management space which provides port agents, brokers, and employees with tools to monitor, track, and manage vessels. As of April 30, 2026, it manages a fleet of 50 vessels, with an aggregate capacity of approximately 6.5 million dwt, which include 5 VLCCs, 9 Suezmax tankers, 4 LR2 tankers, 2 LR1 tankers, 11 MR tankers, 7 Aframax tankers, 3 small tankers, 1 platform supply vessel's (PSV), 5 bulk carriers, and 3 vessels as chartering brokers. Heidmar Maritime Holdings Corp. is headquartered in Piraeus, Greece.
| IPO Year | 2025 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 30, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.