Rubico Inc. (RUBI) Stock Today: Reverse Split, $120.8M Charter Backlog and a High‑Risk Outlook

Rubico Inc. (NASDAQ: RUBI), a tiny crude‑oil shipping spin‑off, has become one of the wildest tickers on the Nasdaq Capital Market. After a dilutive equity offering, major fleet refinancing and a 1‑for‑30 reverse stock split in November, RUBI stock is now trading in the high‑$2 range on December 3, 2025 — roughly 99% below its split‑adjusted 52‑week high of about $200.70. ^[1]

This article pulls together the latest news, numbers, forecasts and technical signals on Rubico Inc. stock as of December 3, 2025, to give a clear, reality‑based picture of where things stand. It is informational only and not investment advice.

Rubico Inc. (RUBI): a tiny eco‑tanker spin‑off

Rubico Inc. is an international crude‑oil shipping company that owns and operates two modern “eco” Suezmax tankers of about 157,000 deadweight tons each. The ships are designed for better fuel efficiency and lower emissions, and the company positions itself as an “eco‑conscious” crude carrier. ^[2]

Rubico is:

Incorporated in the Marshall Islands
Headquartered in Athens, Greece
Listed on the Nasdaq Capital Market under the ticker RUBI ^[3]

The company completed its spin‑off from TOP Ships Inc. on August 1, 2025, with RUBI beginning trading on Nasdaq on August 4, 2025. ^[4]

Financially, the most recent trailing‑twelve‑month figures published by data providers show:

Revenue around $24.1 million (TTM)
Net income around $6.4 million (TTM) ^[5]

That’s a surprisingly large profit pool for such a tiny public float — which is exactly why this stock now screens as “insanely cheap” on many value screens, while still being very obviously high risk.

RUBI stock price and volatility on December 3, 2025

Market data providers are still digesting Rubico’s recent reverse split and capital actions, so the numbers don’t line up perfectly across sites. But the broad picture is consistent:

Price today (Dec 3, 2025): roughly $2.8–$2.9 per share during regular trading hours ^[6]
Day’s range: about $2.87 to $3.35 ^[7]
52‑week range (split‑adjusted): roughly $2.77 to $200.70, implying a drop of about 98–99% from the high ^[8]
Beta / volatility: sites like StockTwits and TipRanks show beta in the 2.8–3.6 range, flagging RUBI as much more volatile than the broader market ^[9]

Even basic things like shares outstanding and market capitalization are still being reconciled:

Yahoo Finance lists roughly 2.05 million shares outstanding after the reverse split. ^[10]
TipRanks currently shows about 3.13 million shares. ^[11]
StockAnalysis has a clearly inconsistent 597,020 shares with a float far above that, suggesting stale or mis‑scaled data. ^[12]

At a ~$2.9 share price, that implies a market cap in the mid‑single‑digit millions of dollars — roughly $6–9 million, depending on which share‑count you trust.

Add in average daily trading volume in the millions of shares, and RUBI is essentially behaving like a hyper‑volatile micro‑cap shipping name whose chart looks like a seismograph. ^[13]

November recap: the capital moves that rewired RUBI stock

1. Dilutive $7.5 million public offering

On November 5, 2025, Rubico announced the pricing of a $7.5 million underwritten public offering of 12,315,270 “units” at $0.609 per unit. Each unit consisted of:

One common share
One Class A warrant to buy one share at $0.609, with the exercise price stepping down over the first days of trading and with a “zero cash” exercise option that can greatly increase the share count if the warrants are exercised. ^[14]

Before this deal, Rubico expected to have about 5.3 million shares outstanding; the offering more than tripled the basic share count even before any warrant exercises. ^[15]

Investing.com and other outlets described the deal as highly dilutive, with the stock collapsing by more than 50% on the announcement as traders repriced the equity to reflect the new supply of shares and warrants. ^[16]

TipRanks later noted that Rubico completed the $7.5 million offering in early November, confirming that the new shares and warrants are now part of the capital structure. ^[17]

2. Sale‑and‑leaseback refinancing releases $10.4 million in cash

On November 12, 2025, Rubico announced that it had closed sale‑and‑leaseback (SLB) financing for both of its Suezmax tankers, Eco West Coast and Eco Malibu, with a major Chinese financier. ^[18]

Key points from the deal:

Each vessel was refinanced with SLB agreements of $42 million.
Rubico bareboat‑charters each ship back for 10 years, paying monthly installments of roughly $0.18–0.19 million, and has a purchase obligation of $19–20 million at the end of the term. ^[19]
After repaying old debt and a short‑term bridge loan, net cash released to Rubico was about $10.4 million — which management explicitly highlighted as being “significantly in excess” of the company’s market capitalization at the time. ^[20]

The flip side: the SLB package comes with:

Guarantees from both Rubico and parent TOP Ships
Covenants on leverage (max 85%) and minimum liquidity per vessel (around $0.4–0.5 million) ^[21]

In other words, the refinancing boosted Rubico’s cash at the cost of locking in long‑term obligations and putting the fleet into a structured financing box with tight covenants.

3. Charter extensions and a $120.8 million contracted revenue backlog

On November 25, 2025, Rubico announced that it had extended the time charters for both of its tankers with the existing charterer. ^[22]

The new employment terms:

Through January 11, 2027, both vessels earn a gross daily hire of $32,850.
For the four years after that date, the daily rate steps down slightly to $29,990.
The charterer keeps two one‑year options per vessel at higher daily rates ($34,750 for the first optional year, $36,750 for the second). ^[23]

Following these extensions, Rubico reported a contracted revenue backlog of $120.8 million, a massive figure relative to the stock’s current single‑digit‑million market cap. ^[24]

This backlog doesn’t equal profit — the company still must cover operating costs, interest and lease payments — but it does give multi‑year revenue visibility that’s rare for such a small public company.

Reverse stock split: trying to save the Nasdaq listing

After the share‑price collapse and massive issuance, Rubico was drifting in low‑priced‑stock territory. To remain on the Nasdaq Capital Market, management opted for a 1‑for‑30 reverse stock split.

On November 28, 2025, Rubico’s board approved the reverse split, which:

Converted every 30 common shares into 1 share
Left the par value and authorized share count unchanged
Was effective at the open on December 2, 2025, with RUBI continuing to trade under the same ticker but with a new CUSIP (Y1250N 206) ^[25]

As of November 20, 2025, just before the split, the company had about 61.44 million shares outstanding; after the split, that should shrink to roughly 2.05 million, subject to minor adjustments for fractional cash payments. ^[26]

Shareholders whose positions weren’t perfectly divisible by 30 received cash in lieu of fractional shares, based on the December 1 closing price. ^[27]

Nasdaq and RTTNews both framed the move as primarily aimed at lifting RUBI’s per‑share price to stay in compliance with Nasdaq’s minimum bid rules, a common survival tactic among micro‑caps. ^[28]

Fundamentals and leverage: why RUBI screens as “cheap” and “risky” at the same time

If you run Rubico Inc. through a stock screener right now, you’ll see some frankly absurd‑looking valuation metrics:

Price‑to‑earnings (P/E): around 0.26 on some sites
Price‑to‑sales (P/S): roughly 0.07
Price‑to‑book (P/B): about 0.05 ^[29]

In plain language: some databases are saying the market is pricing Rubico at a tiny fraction of its trailing earnings, revenue and book value. That’s catnip to value‑screeners — but there are several big caveats:

Data noise after all the corporate actions
- The 7.5M unit offering, warrant overhang and reverse split have made share‑count data messy.
- Different providers disagree on how many shares now exist, which flows directly into market‑cap and ratio calculations. ^[30]
High leverage behind the impressive ROE
A Simply Wall St analysis published on December 2, 2025 calculates a return on equity (ROE) of about 19%, based on roughly $6.4 million in net profit versus $33 million of equity for the twelve months to June 2025. ^[31]
- That’s significantly above the ~11% average ROE in Rubico’s oil‑and‑gas‑related peer group, but the same piece points out that Rubico uses a lot of debt, with debt‑to‑equity around 2.23. ^[32]
- When you lever a balance sheet that hard, ROE can look great right up until shipping rates or financing costs move against you.
Balance‑sheet stress signals
StockAnalysis and other data sources show:
- Current ratio around 0.25 (weak short‑term liquidity)
- Debt / EBITDA above 4x
- Interest coverage only a bit over 2x ^[33]

So while Rubico’s reported earnings and backlog look strong relative to its micro‑cap valuation, the company is operating with substantial leverage, tight covenants and very little room for error.

Technical picture: strong sell ratings in an oversold stock

On the technical side, the machines are not in love with RUBI right now.

Investing.com’s technical summary page currently rates Rubico as “Strong Sell” across multiple time frames — 30‑minute, hourly, daily, weekly and even monthly — based on a blend of moving averages and indicators. ^[34]

Ironically, the same page notes that RSI (Relative Strength Index) suggests the stock is oversold, a classic sign of a market that’s both nervous and exhausted. ^[35]

Other signals:

Volatility metrics like beta hovering around 3 reinforce that RUBI behaves more like a speculative trading vehicle than a stable income stock. ^[36]
ChartMill gives Rubico a 0/10 technical rating, basically the lowest possible. ^[37]

In short, technical dashboards overwhelmingly flag RUBI as a bearish, high‑volatility chart, even as some oscillators hint that the recent selling could be overdone in the short term.

What do analysts and models say about the Rubico stock forecast?

Traditional analyst coverage: essentially zero

Despite the fireworks in the share price, RUBI is not meaningfully covered by Wall Street yet.

Simply Wall St’s “Future” tab notes that Rubico is covered by 0 sell‑side analysts — no consensus earnings or revenue estimates at all. ^[38]
TipRanks likewise shows no 12‑month price target, no rating consensus and zero analyst‑estimate data for RUBI. ^[39]

That means there is no mainstream analyst price target or rating to lean on — no “Overweight $10” style calls — which is typical for a small, newly listed shipping spin‑off.

Quant and algorithmic forecasts: bearish and noisy

In the vacuum left by human analysts, algorithmic forecast sites have stepped in — with some wild results.

WalletInvestor, which uses technical patterns to project future prices, currently labels Rubico “a bad, high‑risk 1‑year investment” and shows a headline one‑year target drifting toward essentially zero, even while its own 14‑day forecast band swings between about $1.80 and $4.34. ^[40]
Their page is also a cautionary tale: it still lists the CEO as Michael Barrett and links to rubiconproject.com, clearly mixing in legacy data from the pre‑2020 Rubicon Project — the ad‑tech company that once used the RUBI ticker and later became Magnite. ^[41]

When a forecast engine can’t even keep the business model and CEO straight, its numeric projections deserve a very large grain of salt.

Other quant platforms like ChartMill and some broker dashboards also flag Rubico as overvalued or 0/10 quality based on their internal scoring models, but those scores are heavily influenced by recent price collapses and incomplete data rather than deep, shipping‑specific analysis. ^[42]

Key risks for RUBI shareholders

Given the above, the main risk factors around Rubico Inc. stock as of December 3, 2025 look something like this:

Dilution and warrant overhang
- The November offering added more than 12 million shares pre‑split plus aggressive warrants. ^[43]
- Future warrant exercises or additional offerings could further dilute existing shareholders, especially if management continues to issue equity at distressed prices.
High leverage and covenant risk
- Sale‑and‑leaseback financing created long‑term obligations with leverage and liquidity covenants; if tanker rates or utilization weaken, Rubico could bump against those constraints. ^[44]
Micro‑cap liquidity and price manipulation risk
- With a market cap likely under $10 million and a still‑uncertain float, relatively small orders can move the price dramatically. ^[45]
- Social‑media driven spikes and collapses are very plausible in a name like this.
Industry cyclicality
- Crude tanker earnings are notoriously volatile; a handful of bad quarters in the spot or charter market can change the company’s fortunes quickly, regardless of today’s backlog.
Data confusion and legacy RUBI artifacts
- Some sites still merge Rubico’s data with the old Rubicon Project ticker, leading to incorrect leadership, industry and historical metrics. ^[46]
- Investors relying on a single screener or dashboard risk making decisions on bad inputs.

Potential catalysts and upside arguments

Despite all the red flags, there are also clear bullish talking points circulating among speculative traders and some fundamental investors:

Contracted backlog vs. market cap
A ~$120.8 million revenue backlog on just two eco Suezmax tankers looks massive next to a sub‑$10 million market cap, even after accounting for lease payments and debt service. ^[47]
Solid reported profitability (so far)
TTM revenue of about $24 million and TTM net income of roughly $6–6.4 million suggest high margins, at least in the current rate environment. ^[48]
Reverse split already done
The 1‑for‑30 reverse split is now effective, reducing the immediate risk of delisting for a low share price (though the company still must meet Nasdaq’s other requirements). ^[49]
Potential for more coverage
As the dust settles post‑spin‑off, shipping‑focused boutiques or research desks might initiate coverage, which could help the market price in the fleet, backlog and debt structure more rationally.

The bullish story, in its simplest form, is: “You’re buying a two‑ship eco tanker company with a big charter backlog and positive earnings, at a micro‑cap valuation — if management stops diluting and executes, the upside could be huge.”

The bearish reply is equally simple: “You’re trusting a highly levered, tiny spin‑off with a history of aggressive capital moves and extreme volatility; the downside could just as easily be another reverse split and more dilution.”

Bottom line: Rubico Inc. stock is a speculative tanker micro‑cap

As of December 3, 2025, Rubico Inc. (RUBI) sits at the intersection of:

Solid contractual revenue visibility (via long‑term charters and a $120.8M backlog), ^[50]
Aggressive financial engineering (warrants, sale‑and‑leaseback refinancing, reverse split), ^[51]
Very high leverage and liquidity risk, and ^[52]
A tiny, turbulent equity float with contradictory data across platforms and technical dashboards screaming “strong sell.” ^[53]

For traders, RUBI is likely to remain a news‑driven, high‑beta vehicle, swinging hard on headlines about tanker rates, covenants, charters or further equity moves.

For long‑term investors, the stock sits in that uncomfortable corner where valuation screens look ridiculously attractive, but only if you’re willing to assume the numbers are accurate, the leverage is manageable, and management won’t keep pulling the dilution lever.

References

Rubico Inc. (RUBI) Stock Today: Reverse Split, $120.8M Charter Backlog and a High‑Risk Outlook – December 3, 2025