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TOP SHIPS INC. (TOPS) Annual Reports

Q: Where can I read TOP SHIPS INC. (TOPS) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

TOP SHIPS INC. is listed on NYSE, classified by the SEC under Deep Sea Foreign Transportation of Freight (SIC 4412). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： NYSE
Fiscal year end： 12/31
SEC CIK： 1296484 →

Website：Official site ↗

Financial Highlights

FY2014 Q1 (quarterly, ended 2014-03-31)
	Current	Prior year	YoY
Revenue	$449,000	$7.5M	-94.0%
Operating income	$66,000	$4.7M	-98.6%
Net income	$54,000	$2.7M	-98.0%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In mn (USD)

Revenue 36.6 mn Net income -4.48 mn

Show table：Income statement

Item	2009Q4	2009Q4	2010Q4	2011Q4	2012Q4	2013Q1	2013Q2	2013Q4	2014Q1	2014Q2	2014Q4	2015Q2	2015Q4	2016Q2	2016Q4	2017Q2	2017Q4	2018Q2	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Revenue	—	47.4	39.4	40.8	31.4	7.47	6.76	5.84	0.45	0.17	2.98	4.70	8.38	11.6	16.8	19.0	20.4	19.7	21.4	29.8	36.3	32.6	27.6	25.3	31.1	38.9	41.8	41.1	—	42.1	—	43.8	36.6
Operating income	—	-64.7	3.20	-7.27	-52.8	4.67	3.71	0.86	0.07	0.26	-0.91	-5.38	-2.04	-0.15	5.00	-0.56	2.17	-3.50	-0.39	5.34	-1.40	8.34	-10.1	4.26	10.6	15.1	17.5	16.3	12.4	14.3	13.6	18.2	8.04
Net income	-50.2	0	2.51	-189	-64.0	2.73	1.76	-3.08	0.05	-0.47	3.31	-5.36	-3.15	0.29	0.76	-5.84	-7.57	-6.62	-4.50	-0.63	-14.1	-2.87	-19.9	1.68	6.93	8.61	10.3	5.77	0.29	1.94	3.10	7.56	-4.48

Balance sheet

Quarterly · In mn (USD)

Total assets 334 mn Total liabilities 244 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009Q4	2009Q4	2010Q4	2011Q4	2012Q4	2013Q1	2013Q2	2013Q4	2014Q1	2014Q2	2014Q4	2015Q2	2015Q4	2016Q2	2016Q4	2017Q2	2017Q4	2018Q2	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Current assets	—	—	3.42	14.9	26.7	—	—	10.3	3.37	14.9	1.23	—	5.27	3.85	4.54	5.56	29.1	5.38	5.29	7.26	50.7	8.06	45.1	35.7	75.3	16.6	22.9	12.9	38.7	21.1	23.4	18.4	24.1
Total assets	—	—	—	—	—	—	—	27.9	—	—	75.6	—	75.3	122	143	187	220	219	258	423	445	431	293	353	331	475	469	446	459	430	423	426	334
Current liabilities	—	—	367	220	194	—	—	8.61	7.96	10.4	9.33	—	18.3	22.7	20.0	19.6	25.6	35.6	36.8	47.3	75.4	28.6	25.4	53.1	107	35.0	32.2	57.4	41.4	33.3	33.2	49.0	39.5
Total liabilities	—	—	367	220	198	—	—	13.1	11.9	39.6	33.0	—	41.2	83.1	96.1	113	113	121	154	297	339	290	159	228	221	284	272	261	276	289	278	299	244
Equity	247	247	255	76.7	13.1	15.9	17.6	14.8	27.4	39.2	42.5	37.2	34.1	38.6	45.5	73.5	106	98.7	104	93.7	87.7	127	121	112	93.2	88.6	111	126	139	141	144	127	89.2

Cash flow

Quarterly · In mn (USD)

Operating 7.21 mn Investing 2.17 mn Financing 2.56 mn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009Q4	2009Q4	2010Q4	2011Q4	2012Q4	2013Q1	2013Q2	2013Q4	2014Q1	2014Q2	2014Q4	2015Q2	2015Q4	2016Q2	2016Q4	2017Q2	2017Q4	2018Q2	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Operating	—	6.58	35.6	15.8	15.1	3.05	4.04	-4.02	-1.39	-1.38	-0.04	-1.31	-0.08	0.04	6.67	-1.21	1.90	0.6	0.12	9.91	9.29	-0.28	6.32	9.35	6.71	13.9	19.5	13.0	15.9	6.71	10.6	19.2	7.21
Investing	—	-104	25.7	125	6.00	1.18	24.8	25.0	-5.84	-27.4	-11.2	21.4	-22.3	-51.2	-25.9	-55.0	-4.11	-25.6	-42.8	-150	-53.3	11.3	170	-90.8	14.2	-143	0.39	1.34	1.18	-0.06	-12.3	-3.48	2.17
Financing	—	51.5	-61.5	-141	-21.1	-4.23	-28.9	-11.2	—	40.0	-2.42	-19.9	24.8	47.2	20.7	58.5	24.9	1.71	43.0	145	44.5	-12.7	-165	70.5	-26.9	141	-13.6	-25.3	9.24	-25.8	-7.44	-17.1	2.56
Cash at period end	—	—	—	—	—	—	—	9.71	2.48	13.6	—	0.2	2.67	0.55	0.13	1.59	24.1	0.58	0.06	2.65	4.41	5.61	19.3	8.39	2.37	14.3	20.5	9.63	36.0	16.8	7.63	5.97	20.4

Profitability

Quarterly · %

Operating margin 22.0% Net margin -12.2%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009Q4	2009Q4	2010Q4	2011Q4	2012Q4	2013Q1	2013Q2	2013Q4	2014Q1	2014Q2	2014Q4	2015Q2	2015Q4	2016Q2	2016Q4	2017Q2	2017Q4	2018Q2	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
Operating margin	—	-136.7%	8.1%	-17.8%	-167.9%	62.5%	54.8%	14.7%	14.7%	150.6%	-30.5%	-114.5%	-24.3%	-1.3%	29.7%	-2.9%	10.7%	-17.8%	-1.8%	17.9%	-3.9%	25.6%	-36.7%	16.8%	34.0%	39.0%	41.8%	39.5%	—	34.0%	—	41.6%	22.0%
Net margin	—	0.0%	6.4%	-463.3%	-203.6%	36.5%	26.0%	-52.7%	12.0%	-275.9%	111.0%	-114.1%	-37.5%	2.5%	4.5%	-30.8%	-37.1%	-33.6%	-21.1%	-2.1%	-39.0%	-8.8%	-72.2%	6.7%	22.3%	22.1%	24.7%	14.0%	—	4.6%	—	17.3%	-12.2%

Returns & leverage

Quarterly · %

ROE 7.1% ROA 2.0% Debt ratio 73.3%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2009Q4	2009Q4	2010Q4	2011Q4	2012Q4	2013Q1	2013Q2	2013Q4	2014Q1	2014Q2	2014Q4	2015Q2	2015Q4	2016Q2	2016Q4	2017Q2	2017Q4	2018Q2	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
ROE	—	—	—	-308.8%	-192.6%	-188.4%	-182.0%	-136.8%	7.2%	-6.3%	-0.6%	-9.5%	-18.4%	-12.6%	-16.9%	-14.3%	-17.6%	-28.1%	-32.8%	-23.1%	-26.7%	-19.6%	-33.4%	-34.4%	-15.7%	-2.5%	23.8%	26.7%	21.5%	16.0%	8.7%	10.2%	7.1%
ROA	—	—	—	—	—	—	—	-224.5%	—	—	-0.2%	—	-7.5%	-4.0%	-6.8%	-4.2%	-8.3%	-11.3%	-12.2%	-6.3%	-7.8%	-6.8%	-13.6%	-9.1%	-3.7%	-0.6%	7.2%	7.9%	6.3%	4.0%	2.5%	3.0%	2.0%
Debt ratio	—	—	—	—	—	—	—	46.9%	—	—	43.7%	—	54.7%	68.3%	67.0%	60.5%	51.3%	55.0%	59.7%	70.2%	76.2%	67.5%	54.2%	64.5%	66.9%	59.8%	58.0%	58.4%	60.1%	67.2%	65.8%	70.2%	73.3%

EPS

Quarterly · US$

EPS US$-0.96

Show table：EPS

Item	2009Q4	2009Q4	2010Q4	2011Q4	2012Q4	2013Q1	2013Q2	2013Q4	2014Q1	2014Q2	2014Q4	2015Q2	2015Q4	2016Q2	2016Q4	2017Q2	2017Q4	2018Q2	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2024Q4	2025Q2	2025Q4
EPS（US$）	—	—	—	-30.00	-3.77	—	—	0.08	—	—	0.18	1959603.00	-1959607.21	3426780.00	-3426780.09	—	—	—	—	—	—	—	-24.48	0.39	2.32	-6.15	3.12	0.10	-12.54	0.42	0.67	1.63	-0.96

Revenue & profit

Year-to-date · In mn (USD)

Revenue 0.62 mn Net income -0.41 mn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In mn (USD)

Total assets 334 mn Total liabilities 244 mn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In mn (USD)

Operating -2.77 mn Investing -33.3 mn Financing -33.1 mn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Operating margin 52.0% Net margin -67.0%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 7.1% ROA 2.0% Debt ratio 73.3%

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	20-F
2025	Open full text →
2024	Open full text →
2023	Open full text →

20-F: annual report of a foreign private issuer. Filings are the original documents hosted on SEC EDGAR — this site neither mirrors nor edits them.

FAQ

Where can I read TOP SHIPS INC. (TOPS) annual reports?

Every year in the table above links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser without downloading anything. 3 filings are currently indexed.

What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

Are earnings call materials available here?

No. Earnings calls are not SEC filings, so US pages on this site cover annual reports only. Taiwan has a mandatory investor-conference disclosure regime, and those materials are indexed under Annual Reports.

Source: US Securities and Exchange Commission (SEC) EDGAR. This site indexes public filings and links to them; it hosts no copies, offers no investment advice, and makes no warranty as to timeliness or completeness.
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