Breakwave Dry Bulk Shipping ETF (BDRY) Financials

BDRY

FY2025 annual

Revenue Not reported for FY2025

Net Income -$17.5M -137.7% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Mar 31, 2026 Reported May 15, 2026 Currency USD FYE June

Newest figures come from the 10-Q for Q3 FY2026, filed May 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BDRY SEC filings page.

This page shows Breakwave Dry Bulk Shipping ETF (BDRY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BDRY FY2025 2026-08-29

The reported profile is volatile earnings beside a lightly levered balance sheet and episodic cash distribution—not a conventional operating margin story.

FY2024 offers the clearest earnings-quality signal: operating cash flow was $65.4M versus net income of $46.5M, so accounting gains were accompanied by cash generation. Yet financing cash flow was -$70.6M alongside $122.6M of buybacks, making that period resemble a distribute-and-reset cycle more than a business retaining internally generated capital.

Net income moved from -$33.4M in FY2022 to $46.5M in FY2024, then returned to -$17.5M in FY2025. With revenue and margin fields absent, the swings are better read as changes in reported results than as evidence of changing operating scale.

Assets reached $68.6M in FY2025, while liabilities were only $1.4M. A 0.02x debt-to-equity ratio indicates a minimal creditor-financing burden, so the balance sheet is funded overwhelmingly by equity rather than borrowing.

Financial Health Signals

Financial health score not available

Breakwave Dry Bulk Shipping ETF does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The metrics below are current.

Key Financial Metrics

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Earnings & Revenue

Net Income

$30.4M

YoY+416.0%

QoQ+382.4%

Breakwave Dry Bulk Shipping ETF reported $30.4M in net income in Q3 2026. This represents an increase of 416.0% from the same quarter a year earlier. Against the prior quarter it is up 382.4%.

Revenue

Not reported for Q3 2026.

EBITDA

Not reported for Q3 2026.

EPS (Diluted)

Not reported for Q3 2026.

Cash & Balance Sheet

None of these metrics is reported for Q3 2026.

Margins & Returns

Return on Equity

30.4%

YoY+21.1pp

QoQ+12.5pp

Breakwave Dry Bulk Shipping ETF's ROE was 30.4% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is up 21.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.5 percentage points.

Gross Margin

Not reported for Q3 2026.

Operating Margin

Not reported for Q3 2026.

Net Margin

Not reported for Q3 2026.

Capital Allocation

None of these metrics is reported for Q3 2026.

BDRY Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BDRY quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Interest Expense	N/A	N/A	$2K-97.8%	$72K+19495.1%	$366+53.8%	$238	N/A	N/A	N/A
Net Income	-$17.5M-137.7%	$46.5M+231.4%	-$35.4M-5.9%	-$33.4M-156.3%	$59.3M+952.3%	$5.6M+259.3%	-$3.5M-288.2%	$1.9M+703.4%	$234K

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Net Income	$30.4M+416.0%	$6.3M+151.4%	$22.5M+592.9%	N/A	$5.9M-37.2%	-$12.3M-127.4%	-$4.6M-1188.1%	N/A

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

BDRY Balance Sheet

BDRY quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Total Assets	$68.6M+61.3%	$42.5M-46.4%	$79.2M+41.3%	$56.1M	N/A	$49.7M+199.2%	$16.6M-70.3%	$55.9M+167.9%	$20.9M
Cash & Equivalents	N/A	$33.0M-13.7%	$38.2M	N/A	$50.0M+77.3%	$28.2M+782.8%	$3.2M-4.9%	$3.4M+336089.2%	$1K
Short-Term Investments	N/A	$0	$0-100.0%	$17.2M	$0	$0	$0	$0	$0
Long-Term Investments	N/A	$0	$0	N/A	$0	$0	$0	$0	$0
Total Liabilities	$1.4M+9.4%	$1.3M-90.6%	$13.9M+44.4%	$9.6M	N/A	$327K-12.0%	$372K-54.8%	$823K+2765.4%	$29K
Total Equity	$67.1M+63.0%	$41.2M-37.0%	$65.4M+40.6%	$46.5M-59.2%	$114.1M+131.2%	$49.3M+204.1%	$16.2M-70.5%	$55.1M+164.3%	$20.8M
Retained Earnings	$24.8M-41.4%	$42.3M	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$102.7M+59.9%	$36.5M+2.9%	$44.0M+56.5%	$68.6M+61.3%	$64.2M-3.1%	$35.4M-44.2%	$28.1M-58.8%	$42.5M-46.4%
Cash & Equivalents	N/A	N/A	N/A	N/A	$26.1M-48.3%	$14.9M-46.3%	$23.5M-5.6%	$33.0M-13.7%
Short-Term Investments	N/A	N/A	N/A	N/A	$0	$0	$0	$0
Long-Term Investments	N/A	N/A	N/A	N/A	$0	$0	$0	$0
Total Liabilities	$2.6M+129.4%	$1.3M-57.5%	$3.7M+380.1%	$1.4M+9.4%	$1.1M+61.6%	$3.1M+769.2%	$772K+139.8%	$1.3M-90.6%
Total Equity	$100.0M+58.6%	$35.2M+8.7%	$40.3M+47.3%	$67.1M+63.0%	$63.1M-3.8%	$32.4M-48.8%	$27.3M-59.8%	$41.2M-37.0%
Retained Earnings	$83.9M+167.8%	$53.5M+110.3%	$47.2M+25.2%	$24.8M-41.4%	$31.3M	$25.4M	$37.7M	$42.3M

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

BDRY Cash Flow Statement

BDRY quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Operating Cash Flow	N/A	$65.4M	N/A	N/A	$16.4M+770.2%	-$2.5M-107.0%	$35.1M+208.7%	-$32.3M-738.5%	-$3.9M
Financing Cash Flow	N/A	-$70.6M	N/A	N/A	$5.4M-80.4%	$27.5M+177.8%	-$35.3M-209.1%	$32.4M+739.3%	$3.9M
Share Buybacks	N/A	$122.6M	N/A	N/A	$90.4M+613.1%	$12.7M-79.7%	$62.6M+668.4%	$8.1M+3.0%	$7.9M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	N/A	N/A	N/A	N/A	-$13.6M-145.9%	-$25.9M-149.3%	-$138K+99.1%	-$1.4M
Financing Cash Flow	N/A	N/A	N/A	N/A	$24.8M+454.9%	$17.3M+134.8%	-$9.3M-525.1%	-$16.2M
Share Buybacks	N/A	N/A	N/A	N/A	$2.4M-93.4%	$4.8M-90.5%	$10.5M-7.5%	$25.1M

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid.

BDRY Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BDRY quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Return on Equity	-26.1%-138.8pp	112.7%+166.8pp	-54.1%+17.8pp	-71.9%-123.9pp	52.0%+40.6pp	11.4%+33.2pp	-21.8%-25.2pp	3.4%+2.3pp	1.1%
Return on Assets	-25.5%-134.8pp	109.3%+153.9pp	-44.6%+14.9pp	-59.5%	N/A	11.3%+32.7pp	-21.3%-24.7pp	3.4%+2.2pp	1.1%
Debt-to-Equity	0.020.0x	0.03-0.2x	0.210.0x	0.21	N/A	0.010.0x	0.020.0x	0.010.0x	0.00

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Return on Equity	30.4%+21.1pp	17.9%+55.8pp	55.7%+72.4pp	N/A	9.3%-5.0pp	-37.9%-108.8pp	-16.7%-17.3pp	N/A
Return on Assets	29.6%+20.4pp	17.3%+51.9pp	51.0%+67.2pp	N/A	9.2%-5.0pp	-34.6%-105.2pp	-16.2%-16.8pp	N/A
Debt-to-Equity	0.030.0x	0.04-0.1x	0.09+0.1x	0.020.0x	0.020.0x	0.09+0.1x	0.030.0x	0.03-0.2x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Current Ratio, Asset Turnover, FCF Margin.

Where Breakwave Dry Bulk Shipping ETF Ranks

Frequently Asked Questions

Is Breakwave Dry Bulk Shipping ETF profitable?

No, Breakwave Dry Bulk Shipping ETF (BDRY) reported a net income of -$17.5M in fiscal year 2025.

What is Breakwave Dry Bulk Shipping ETF's return on equity (ROE)?

Breakwave Dry Bulk Shipping ETF (BDRY) has a return on equity of -26.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What are Breakwave Dry Bulk Shipping ETF's total assets?

Breakwave Dry Bulk Shipping ETF (BDRY) had $68.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What is Breakwave Dry Bulk Shipping ETF's debt-to-equity ratio?

Breakwave Dry Bulk Shipping ETF (BDRY) had a debt-to-equity ratio of 0.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Breakwave Dry Bulk Shipping ETF's return on assets (ROA)?

Breakwave Dry Bulk Shipping ETF (BDRY) had a return on assets of -25.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.