Recent Operational Highlights<\/b><\/p>\n Management Commentary<\/b><\/p>\n \n\u201cFiscal 2026 was shaped by a challenging market environment, including softer freight market conditions, shifting trade flows, and geopolitical disruption that affected activity across the broader maritime transportation sector,\u201d said Andre D\u2019Rozario, CEO of Vantage Corp. \u201cDespite these headwinds, we remained focused on disciplined execution, adapting our operations to changing market conditions, and continuing to advance our strategic priorities. We are pleased with the underlying fundamentals of our business, particularly the trends in total fixing volume which increased across DPP, Specialized, and Projects segments on a year-over-year basis. While the first half of fiscal 2027 is expected to reflect the full impact of the restrictions placed on the Strait of Hormuz, early indicators over the past several months suggest total fixture volume has remained stable and have growth compared to the same period in fiscal 2026 and 2025. We view this sustained level of activity as a positive indicator, particularly given the significant reduction in demand caused by the current market environment. We believe these trends demonstrate the resilience of our platform and the benefits of building a more diversified revenue base.<\/p>\n \n\u201cWe are also pleased to report the positive impact our recent acquisitions and entry into the China market have had on our business. While current market conditions have weighed on petrochemical deal activity across the industry, PJ\u2019s domestic focus and market coverage have remained relatively insulated, supported by domestic policy measures aimed at maintaining supply continuity and mitigating broader regional disruption. PJ\u2019s niche illustrates the value of adding differentiated and resilient revenue streams into Vantage, and we intend to continue evaluating opportunities that can further diversify revenue and strengthen our business model.<\/p>\n \n\u201cLooking ahead, our focus remains on positioning the business for long-term, sustainable growth. We intend to continue prioritizing term contracts to grow our forward order book and support greater revenue visibility. While current market conditions have impacted growth across forward order book, we believe demand for larger and longer-term deals will return once markets normalize. Regional expansion also continues to remain a top priority. This includes expanding our presence and activity in both Dubai and China especially as activity from the Arabian Gulf normalizes. M&A also remains a top priority to expand into key markets such as the European, North, and South American markets. Lastly, Opswiz and our IT business remain developing opportunities and our goal is to begin monetizing Opswiz by the end of this year. Although the timing of market normalization remains unpredictable, we believe our diversified platform, disciplined approach, and strategic investments position us to create long-term value for shareholders.\u201d<\/p>\n Full Fiscal Year 2026 Financial Results<\/b><\/p>\n \nTotal revenue for the fiscal year ended March 31, 2026 was $17.8 million, compared with $18.7 million for the same period last year. The decrease was primarily attributable to softer global market conditions, lower transaction volumes, and ongoing uncertainty in international trade and shipping demand, partially offset by continued contributions from time charter commission income.<\/p>\n \nGross profit for the full year ended March 31, 2026, was $7.4 million, while gross margin was 41.5%, compared with gross profit of $8.6 million and a gross margin of 46.2% for the same period last fiscal year. The decrease was primarily attributable to higher employee compensation and commission expenses, driven by increased headcount and related revenue-generating activities.<\/p>\n \nTotal operating expenses for the full year ended March 31, 2026, were $8.2 million, compared with $4.2 million for the same period last year. The increase primarily reflected the inclusion of operating expenses from the acquired businesses, acquisition-related transaction costs, and ongoing costs of operating as a publicly listed company following the Company’s listing on the NYSE American on June 12, 2025.<\/p>\n \nNet loss for the full year ended March 31, 2026, was $1.3 million, compared with net income of $3.8 million for the same period last year.<\/p>\n \nAdjusted EBITDA for the full year ended March 31, 2026, was $(129,000), compared with $4.9 million for the same period last year.<\/p>\n \nThe forward order book as of March 31, 2026, was $1.1 million, compared with $1.4 million as of March 31, 2025.<\/p>\n \nAs of March 31, 2026, cash and cash equivalents totaled $8.9 million, providing the Company with financial flexibility to support its growth initiatives and ongoing operations.<\/p>\n \nVantage Corp CFO Lilian Lim stated, \u201cFiscal 2026 reflected a challenging operating environment. From tariff and sanction-related headwinds to more recent challenges stemming from geopolitical tensions and the restrictions in the Strait of Hormuz, the operating environment has weighed on overall demand, particularly for larger quantum deals. Even so, underlying fixing activity remained resilient and increased during fiscal 2026. Early indicators over the past several months also suggest year-over-year fixing activity has remained stable and slightly grew, which we view as encouraging as we navigate an environment that continues to constrain activity from the Arabian Gulf. While we believe pent-up demand exists, our overall financial results, particularly during the first half of fiscal 2027, may continue to be affected until restrictions affecting the Strait of Hormuz, together with the broader geopolitical and market environment, normalize. However, given the resilience in our fixing volume and general activity through this challenging period, we believe Vantage is well positioned to return to normalized performance once markets stabilize and demand for larger and longer-term deals resumes.\u201d<\/p>\n Conference Call<\/b><\/p>\n \nVantage Corp CEO Andre D\u2019Rozario will host a conference call and webcast tomorrow, July 28, 2026, at 8:00 a.m. Eastern time to discuss its financial and operational results for the full year fiscal 2026 ended March 31, 2026.<\/p>\n \nTo listen to the audio webcast, please visit Vantage Corp\u2019s Investor Relations website at https:\/\/www.vantageshipbrokers.com\/investors<\/a> or use the webcast link below. A replay of the webcast will also be available on Vantage Corp\u2019s Investor Relations website shortly after the call.<\/p>\n \nDate\/Time: Tuesday, July 28, 2026, at 8:00 AM ET Revenue by Commission Type<\/b><\/p>\n\n
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Dial-In: https:\/\/register-conf.media-server.com\/register\/BIf16d7fa136d4497bbfca61564f211561
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Webcast: https:\/\/edge.media-server.com\/mmc\/p\/ofgfodmz
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Earnings Presentation: https:\/\/www.vantageshipbrokers.com\/investors-news-events<\/a><\/p>\n
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