Material Weakness (removed) — Prior period disclosed material weakness in revenue recognition controls; current period states disclosure controls are effective with no mention of material weakness, indicating successful remediation.

NASDAQ: PANL Pangaea Logistics Solutions Ltd. 10-Q

Pangaea swings to $13.3M profit as dry bulk rates surge 34% and controls weakness resolved

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~1 min read

Key Changes

high

Net income of $13.3M in Q1 2026 vs. $2.0M loss in Q1 2025, driven by 34% higher freight rates ($15,252/day) and 75% jump in Baltic Dry Index to 1,955, signaling strong dry bulk market recovery.

MD&A: Results of Operations verify on EDGAR →
high

Material weakness in revenue recognition controls resolved; disclosure controls now deemed effective as of March 31, 2026 after year-long remediation effort.

MD&A: Controls and Procedures verify on EDGAR →
high

Operating cash flow turned positive at $4.5M vs. $4.4M outflow in Q1 2025; working capital improved to $97.2M from $66.9M year-over-year, reflecting stronger liquidity.

MD&A: Liquidity and Capital Resources verify on EDGAR →

2 more material changes plus the full narrative summary — create a free account to see the rest. Takes 30 seconds.

Partner

Trade PANL commission-free

Open an account, get a free stock.

Investing involves risk. Free stock terms apply.

Generated by AI · Jun 9, 2026 5:05 PM