Annual Report (Form 6-K)

COMPANY PROFILE

HIGHLIGHTS

Dear Fellow Shareholders,

The past year Stealthgas continued to strengthen its position as a leading provider of LPG transportation services. Despite the volatile geopolitical environment the charter market remained strong for another year giving us the opportunity to report another year of excellent profits. Earnings per share for 2025 amounted to $1.64 driven by record revenue generation.

Strategically throughout its history Stealthgas maintained a strong capital structure with relatively low leverage as shipping cycles can be very volatile. In the short period of three years, during 2025 we finally achieved a milestone by completely eliminating the debt on the balance sheet. In navigating the rising asset price environment the goal has been to sell older tonnage in order to monetize earlier investments and avoid future diminishing returns. The result of the combination of these is that while we operate a smaller, younger fleet we have generated increased cashflow and raised the intrinsic value of the company. The considerable increase in cash will allow us to remain opportunistic towards expansion without taking significant risks if the markets turn.

Commercial shipping has enabled trade since time immemorial and in a globalized world it remains today more pertinent than ever, the most efficient way to move large quantities over vast distances. It is not an industry that may disappear overnight due to some technological shift. Innovation is a slow process in our industry. Neither does our conservative approach make us early adopters of unproven technologies. But our strong financial position gives us the flexibility to adapt swiftly when an opportunity arises. We have come to accept that and focus on improving skills and operational efficiency. Over the last year the focus has been on developing new capabilities particularly in the field of integrating communications with our fleet and data collection, following the adoption of Starlink throughout the fleet as well as upgrading software platforms at sea and in the office. We will continue to invest in optimising our processes in order to maximize performance.

We remain optimistic on the prospects of the LPG industry. During 2025 seaborne LPG exports marked a 6% growth amid a volatile trading environment that remains till this day. The US continues to strengthen its position as the worlds leading exporter accounting for roughly 45% of export volumes, with major investments being implemented in order to increase volumes further in the near future. The majority of the volumes were absorbed in Europe mainly for industrial use and in Asia for industrial as well as residential use. There is still a lot of potential in the increased adoption of LPG in the developing world particularly in Africa.

LPG trade being a more niche segment, is done mostly through oil majors, trading houses and industrial players. These are the majority of our customers and being period focused in terms of the chartering of our vessels signifies that we have established long term relationships on the commercial side. Our principle aim is to be the service partner that enables our customers to meet their business needs.

We are committed to delivering sustainable, long-term value through strong profitability and we will continue to deliver returns and results with an understanding of risks that permits us to withstand changing economic and regulatory landscapes, armed conflicts, pandemics and other external factors that may drive different economic outcomes.

We are very grateful to you, our shareholders, as well as our crews, our shore based staff, our customers and partners, for contributing to our success. We thank you for your continued trust.

Sincerely yours

Michael Jolliffe

Dear Fellow Shareholders,

Since 2022 the LPG shipping market has been in an upward trend demonstrating remarkable resilience despite continued geopolitical and economic uncertainty. Against this backdrop, 2025 was another exceptional year for Stealthgas. Revenues reached a record $173 million while profit stood at $61 million, representing a 35% profit margin, quite a notable achievement. A key milestone in 2025 was for the Company to achieve a debt-free status for the first time in its history, having repaid over $350 million in debt over the last three years, while at the same time safeguarding its liquidity and implementing a share buyback program of $21 million. Achieving this in an asset-intensive industry such as ours required discipline and careful capital allocation. Going forward we will have significant flexibility through cash flow generation to drive organic growth whether the market conditions remain favourable or become more challenging.

We will remain steadfast in improving our operational excellence, investing in our existing fleet, and pursuing cost discipline. We operate a modern LPG carrier fleet, with all our vessels built in top yards in Japan and Korea as we have always invested in superior quality vessels.

Our strategy, which has proven successful over the past several years, has been to sell older, smaller vessels at regular intervals while asset prices remain attractive and to replace them, when opportunities arise, with newer and larger vessels. As a result, while our fleet is smaller in terms of the number of vessels than it was in the past, its average size and profitability has increased. Our objective is to build a successful and sustainable company for the long term. We recognise that this requires continuous investment in our people, processes and vessels, in both strong and less favourable market conditions and we endeavour at meeting these objectives.

Shipping has faced significant challenges over the past few years, many of which were difficult to foresee. The Covid pandemic was followed by trade disputes and several regional conflicts. More recently we have seen the disruption and closure of key maritime routes, including the Suez Canal and, this year, the Strait of Hormuz. Such events are highly unusual and have significant repercussions, contributing to increased uncertainty across global trade.

From a commercial perspective disruptions to major trade routes can create opportunities as trade flows adjust and shipping distances increase. However, there is also a far more important human dimension. An increasing number of vessels are being targeted as shipping becomes an instrument of economic and geopolitical pressure, placing the safety of seafarers at greater risk. This is deeply concerning and we hope to see a return to greater stability and normalcy soon.

Following a very successful 2025, I reiterate our commitment to the long term success of the Company for the benefit of our shareholders and stakeholders. Our formula for success is the dedication and hard work of our people, patience and discipline in our decision making and a keen understanding of the market.

We deeply appreciate everyone's commitment, participation, and support and thank you for being our partners in the success of this Company.

Respectfully,

Harry N. Vafias

*	approximate fleet positions as of August 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 20-F

☐	REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-36797

STEALTHGAS INC.

(Exact name of Registrant as specified in its charter)

Not applicable

(Translation of Registrant's Name into English)

Republic of the Marshall Islands

(Jurisdiction of incorporation or organization)

331 Kifissias Avenue, Kifissia 14561 Athens, Greece

(Address of principal executive offices)

Harry N. Vafias

331 Kifissias Avenue, Kifissia 14561, Athens, Greece

Telephone: (011) (30) (210) 625 0001

Facsimile: (011) (30) (210) 625 0018

(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		GASS		The Nasdaq Stock Market LLC

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

None

SECURITIES FOR WHICH THERE IS A REPORTING OBLIGATION PURSUANT TO SECTION 15(d) OF THE ACT:

None

The number of outstanding shares of each of the issuer's classes of capital or common stock as of December 31, 2025 was: 37,185,686 shares of Common Stock, par value $0.01 per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer		☐				Accelerated filer ☒		Non-accelerated filer		☐
								Emerging growth company		☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report: ☒ Yes ☐ No

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b) ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☒		International Financial Reporting Standards as issued				Other ☐
		by the International Accounting Standards Board ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

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