<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0607</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-04-01</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001296484</issuerCik>
        <issuerName>TOP SHIPS INC.</issuerName>
        <issuerTradingSymbol>TOPS</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002125820</rptOwnerCik>
            <rptOwnerName>Pistiolis Evangelos</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>true</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>20 IOULIOU KAISARA STR.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PAIANIA</rptOwnerCity>
            <rptOwnerNonUSStateTerritory></rptOwnerNonUSStateTerritory>
            <rptOwnerCountry>J3</rptOwnerCountry>
            <rptOwnerZipCode>19002</rptOwnerZipCode>
            <rptOwnerStateDescription>GREECE</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <officerTitle>President and CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>440711</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.01 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2930718</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By 3 Sororibus Trust</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Series D Preferred Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>100000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Lax Trust</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Series G Preferred Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Central Mare Inc.</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These Common Stock shares are held by Family Trading Inc. 3 Sororibus Trust is the sole shareholder of Family Trading Inc. and may be deemed to beneficially own all of the Common Stock shares beneficially owned by Family Trading Inc. 3 Sororibus Trust is an irrevocable trust established for the benefit of certain family members of the Reporting Person. The Reporting Person disclaims beneficial ownership of these shares of Common Stock except to the extent of his pecuniary interest therein, and the inclusion of these shares of Common Stock in this report shall not be deemed an admission of the beneficial ownership of such shares of Common Stock for purposes of Section 16 or for any other purpose.</footnote>
        <footnote id="F2">These Series D Preferred Shares are held by the Lax Trust. The Lax Trust is an irrevocable trust established for the benefit of certain family members of the Reporting Person. The Reporting Person disclaims beneficial ownership of these Series D Preferred Shares except to the extent of his pecuniary interest therein, and the inclusion of these Series D Preferred Shares in this report shall not be deemed an admission of the beneficial ownership of such Series D Preferred Shares for purposes of Section 16 or for any other purpose.</footnote>
        <footnote id="F3">These Series G Preferred Shares are held by Central Mare Inc. Central Mare Inc. is a company affiliated with the family of the Reporting Person. The Reporting Person disclaims beneficial ownership of these Series G Preferred Shares except to the extent of his pecuniary interest therein, and the inclusion of these Series G Preferred Shares in this report shall not be deemed an admission of the beneficial ownership of such Series G Preferred Shares for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Evangelos J. Pistiolis</signatureName>
        <signatureDate>2026-04-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
