RUBI$1.99+5.82%
Rubico Inc.
Sector: Water TransportationIndustry: Marine ShippingCountry: GRExchange: Nasdaq
Mkt Cap:$1.08M
Float & O/S:238.0K / 540.7K
Inst Own:0.4%
DilutionScan read 55 of Rubico Inc.'s SEC filings and found 11 warrant series, 5 convertibles, 1 ATM program, 2 equity lines, 1 shelf registration, 7 S-1 registrations and 5 completed offerings on file for RUBI. The latest dilution event on file is ATM sales on Oct 20, 2026. Analysis updated Oct 30, 2026.
Signal8 Summary
RUBI
Four reverse splits, severe dilution underway
- Business
- MixedProfitable, $12.4M op income, but $85.8M debt vs $10.7M cash
- Stock risk
- High$1.1M mcap, 4 reverse splits, overhead supply 4,908% of float
Snapshot
Rubico owns two crude oil tankers and runs a genuinely profitable core business: FY 2025 revenue of $23.5M, a 61% gross margin, $12.4M operating income, and $2.6M net income.
What's Happening Right Now
- : Rubico agreed to issue $9.44M of senior convertible notes and warrants on 25.9M shares to a single institutional investor for $8.5M in proceeds, with an alternate conversion price as low as $0.10, a deeply dilutive structure.
- Fri 16th Oct '26 · Offering: Priced a registered direct offering for $8.50M in gross proceeds (closing not yet reported in the filings reviewed).
- : Rubico extended the deadline for the $3.7M balance on its $6.5M Roman Shark V purchase from related party TOP Ships to October 31, 2026, now optionally payable in Series G Convertible Preferred shares.
- : Rubico closed its related-party purchase of a newbuilding MR tanker SPV from TOP Ships, delivering in Q2 2029 under a seven-year charter, lifting its gross revenue backlog to roughly $374.6M, alongside a 0.50-share stock dividend.
- : Rubico swung to a $1.1M net loss for H1 2026 as revenue fell 19% to $9.7M on drydock costs and off-hire days, with cash of $11.6M against $87.1M of total debt.
- : Rubico entered a new $25M at-the-market share sale agreement with B. Riley Securities, adding to an existing $49.7M equity line, a large overhang relative to its size.
- : Registered $200.00M of securities for sale on Form F-3.
- : Issued warrants over 947K shares.
