SEACOR Marine (SMHI) Financials

SEACOR Marine Holdings (NYSE: SMHI) remains a highly leveraged, volatile business with a mixed operational picture. The latest quarter (Q1 2026) showed another net loss and negative operating cash flow, but the company also generated meaningful cash from asset sales, which helped offset the burn. Over the last several years, the core story has been improving revenue stability at times, but profitability has been inconsistent and heavily affected by depreciation, interest expense, and occasional impairment charges.

• Q1 2026 revenue was $44.3 million, which was lower than the prior quarter and below Q1 2025, but still shows the business is generating recurring operating revenue.
• The company produced $6.7 million of investing cash flow in Q1 2026, helped by $12.8 million of asset sales, showing that vessel sales and asset monetization remain an important source of liquidity.
• Cash and equivalents plus restricted cash totaled about $75.4 million at the end of Q1 2026, giving SMHI a cash buffer despite ongoing losses.
• Total equity was $247.8 million at Q1 2026, still a meaningful capital cushion relative to the current market cycle.
• Operating revenue has generally stayed in a fairly narrow range over the past year, moving from roughly $55 million to $70 million per quarter, suggesting a somewhat stable but not fast-growing business base.
• The company’s fleet continues to be the main asset, with net PP&E of $463.3 million in Q1 2026 versus $595.5 million in Q1 2024, indicating ongoing asset reductions and depreciation over time.
• Depreciation remains a major non-cash expense, consistently around $10 million to $13 million per quarter, which makes reported earnings look weaker than cash generation in some periods.
• Q1 2026 net income was a loss of $15.8 million, or $0.61 per share, extending a long pattern of quarterly losses in recent periods.
• Operating cash flow was negative $15.1 million in Q1 2026, compared with negative $12.2 million in Q4 2025, so the core business is still consuming cash.
• Long-term debt was $297.1 million at Q1 2026, and interest expense remains a heavy burden; this is one of the biggest drags on profitability.

Trend summary: SMHI’s quarterly results show a business that can swing sharply depending on asset sales, impairment charges, and financing activity. Revenue has been more stable than earnings, but the company has not consistently translated that revenue into positive operating income or free cash flow. The balance sheet is not distressed in the short term, but leverage remains significant, and debt service continues to pressure results.

What investors should watch next: whether vessel sales continue to support liquidity, whether operating margins improve without large impairment charges, and whether the company can reduce debt or at least slow the pace of cash burn. For now, SMHI looks more like a turnaround and asset-management story than a steady earnings compounder.